United Arab Emirates

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Dubai Sheikh's Buyout Firm Reaches $1 Billion Debt Deal

Dubai International Capital LLC reached an agreement with banks to roll over a loan of about $1 billion, Bloomberg News reported. The private-equity firm owned by the emirate’s ruler plans to extend the loan for three years and sign the agreement in the ...

Daily Headline - abi_admin - 12/21/2017 - 23:37 - 0 comments

Senior management responsibility in banks

Regulators have made clear their view that responsibility for the culture of a bank sits at the top; if senior management create the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis banks’ s ...

Resource Article - twallace@abiwor... - 11/08/2017 - 09:02 - 0 comments - 0 attachments

Dana Gas to Miss Payment on $700 Million Sukuk Tomorrow

A Middle Eastern energy company that has questioned the lawfulness of its own sukuk won’t settle the $700 million worth of debt owed to investors, according to people familiar with the matter. Dana Gas PJSC, the Sharjah, United Arab Emirates-based energy ...

Daily Headline - global.abi.org - 10/30/2017 - 21:28 - 0 comments

Dubai Returns to Court Over Ship-Repair Company’s $2.1 Billion Debt

Dubai’s Drydocks World has returned to the courts to push through a $2.1bn debt restructuring, clearing the path for the troubled ship-repair business’ sale to a sister company, DP World, the emirate’s port operator, the Financial Times reported. The ...

Daily Headline - global.abi.org - 10/03/2017 - 16:40 - 0 comments

Dana Fight With BlackRock to Start Despite U.A.E. Court Order

A London lawsuit over $700 million in Shariah-compliant bonds issued by Dana Gas PJSC will go ahead despite a last-minute United Arab Emirates court order that attempted to stop the company from taking part in the trial, Bloomberg News reported. Dana Gas ...

Daily Headline - global.abi.org - 09/19/2017 - 21:41 - 0 comments

Dubai’s DP World to Buy Drydocks World

Dubai’s DP World has agreed to buy Drydocks World and a maritime business park in the emirate for $405m. Ports operator DP World, majority owned by government conglomerate Dubai World, agreed to buy Dubai World’s Drydocks World ship repair unit via a cas ...

Daily Headline - global.abi.org - 09/18/2017 - 23:20 - 0 comments

Goldman, BlackRock Offer Dana Deal to End $700 Million Debt Saga

Dana Gas PJSC bondholders, including BlackRock Inc. and Goldman Sachs Group Inc., submitted a proposal to the Middle Eastern energy producer to resolve a dispute over a $700 million sukuk that shocked the Islamic finance industry this year, Bloomberg New ...

Daily Headline - global.abi.org - 09/13/2017 - 21:03 - 0 comments

Here's a Sign That Dubai Is No Longer the U.A.E.'s Problem Child

To see how far Dubai has come, take a look at its credit default swaps. The extra cost investors pay to insure the sheikhdom’s bonds versus those of its oil-rich neighbor, Abu Dhabi, has fallen below 60 basis points this month for the first time on recor ...

Daily Headline - global.abi.org - 08/22/2017 - 16:21 - 0 comments

Dana Gas Said to See Creditors Turn Debtors as Showdown Deepens

The standoff between Dana Gas PJSC and its bondholders took a fresh twist after the Middle Eastern energy explorer that’s trying to void $700 million of its own debt was said to believe investors may even have to pay the company, Bloomberg News reported. ...

Daily Headline - global.abi.org - 08/03/2017 - 18:45 - 0 comments

Dana Gas Gets U.K. Court Order in $700 Million Islamic Bond Case

Dana Gas PJSC won an extension of a London court order blocking investors from taking action over $700 million in disputed Islamic bonds until after a trial scheduled for as soon as October, Bloomberg News reported. Dana, which has operations in Egypt an ...

Daily Headline - global.abi.org - 07/05/2017 - 21:06 - 0 comments

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