United Arab Emirates

Results for United Arab Emirates

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 - 22:06 - 0 comments

The Pain of Dana Gas in Three Charts. And Its Gain in One.

Champions of the rapidly expanding $2 trillion Islamic finance market are probably hoping the Dana Gas situation will go away, and they may yet get their wish, Bloomberg News reported. The Middle Eastern energy explorer sent shockwaves through the Sharia ...

Daily Headline - global.abi.org - 06/22/2017 - 22:25 - 0 comments

If Dana's Sukuk Is Illegal Now, It Was Illegal Then, Lawyer Says

Nothing in Islamic finance or the United Arab Emirates’ laws regarding Shariah-compliant debt has changed since Dana Gas PJSC restructured its sukuk about four years ago, Bloomberg News reported. "What makes the sukuk illegal now?” asks Rizwan Kanji ...

Daily Headline - global.abi.org - 06/18/2017 - 22:20 - 0 comments

Islamic Finance Industry Frets as Dana Gas Deems its Sukuk Invalid

A decision by Abu Dhabi-listed Dana Gas to declare $700 million of its sukuk invalid has sent shivers through the Islamic finance industry, raising concern about the safety of sharia-compliant debt instruments in general, Reuters reported. Dana said on T ...

Daily Headline - global.abi.org - 06/14/2017 - 22:34 - 0 comments

Dana Gas Plans Profit Rate Cut on Sukuk in Restructuring Twist

Dana Gas PJSC plans to more than halve profit rates on $700 million of its Islamic bonds after they were found to be non-compliant with religious law, adding a new twist to a debt restructuring initiated in May, Bloomberg News reported. The United Arab E ...

Daily Headline - global.abi.org - 06/13/2017 - 21:58 - 0 comments

Dana Gas Names Advisers for $700 Million of Islamic Debt

Dana Gas PJSC named legal and financial advisers to assess options for about $700 million in Islamic bonds due in October, according to a person with knowledge of the situation. Houlihan Lokey Inc. will serve as financial adviser and Squire Patton Boggs ...

Daily Headline - global.abi.org - 06/04/2017 - 21:59 - 0 comments

Etihad Airways’ $4 Billion Expansion Plan Stalls

In 2011, Etihad Airways Chief Executive Officer James Hogan hatched a bold strategy to catch up with the airline’s more established Persian Gulf rivals: buying stakes in smaller, cash-hungry carriers across three continents to cobble together enough pass ...

Daily Headline - global.abi.org - 05/21/2017 - 21:09 - 0 comments

Dubai Firm GGICO Aims To Complete Debt Restructuring By June

Dubai-listed conglomerate Gulf General Investment Co(GGICO) said on Monday it expected to complete a restructuring of around Dhs2.36bn ($643m) in loans by next month. The firm, which has investments spanning financial services, property, hospitality, man ...

Daily Headline - global.abi.org - 05/15/2017 - 22:52 - 0 comments

New Etihad Boss to Rethink Strategy After Alitalia Dream Fails

The naming of a new boss at Etihad Airways presents the Gulf carrier with an opportunity to rethink its aggressive expansion strategy after the failure of minority-owned Alitalia underlined the big barriers to global growth, the International New York ...

Daily Headline - global.abi.org - 05/11/2017 - 22:05 - 0 comments

Dubai's Good Times on Hold as Construction Companies Feel Pain

Investors in United Arab Emirates construction stocks can remember the good days -- when oil above $100 a barrel encouraged a seemingly endless stream of lucrative projects, Bloomberg News reported. Now, with crude priced at half that, companies are tryi ...

Daily Headline - global.abi.org - 05/08/2017 - 22:32 - 0 comments

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