United Arab Emirates

Results for United Arab Emirates

Creditor Sale Brings Dubai's Limitless To Brink Of Debt Plan Deal

Dubai-based property developer Limitless is set to complete a drawn-out debt restructuring after the final dissenting creditor sold its share of the company's 4.45 billion dirhams ($1.2 billion) debt, sources with knowledge of the matter said on Wed ...

Daily Headline - global.abi.org - 04/20/2016 - 21:59 - 0 comments

Abu Dhabi Fund Says It Never Received Payments From Malaysia’s 1MDB

An Abu Dhabi state fund said publicly for the first time on Monday that it hadn’t received billions of dollars in payments that a controversial Malaysian fund set up by Prime Minister Najib Razak claims it sent, The Wall Street Journal reported. The ...

Daily Headline - global.abi.org - 04/11/2016 - 22:11 - 0 comments

UAE Conglomerate Al Jaber Misses Payment On $4.5 Billion Restructured Debt

Al Jaber Group missed a March repayment on its $4.5 billion restructuring, three sources aware of the matter told Reuters on Tuesday, adding pressure on the Abu Dhabi-based conglomerate to quickly secure a new debt deal to save it from collapse. The fami ...

Daily Headline - global.abi.org - 04/05/2016 - 21:17 - 0 comments

UAE Banks Agree "Mini Insolvency Law" To Help Struggling SMEs

Banks in the United Arab Emirates will suspend legal action against small and medium sized enterprises (SMEs) struggling to repay debt for up to three months to prevent a surge in defaults that may jeopardise the economy, Reuters reported. The initiative ...

Daily Headline - global.abi.org - 03/28/2016 - 20:43 - 0 comments

Hadef & Partners Legal Highlights

INTER PACIFIC BAR ASSOCIATION HOSTING THE IPBA MID-YEAR COMMITTEE MEETING Richard Briggs, Executive Partner, reflects on the annual midyear committee meeting which was held in Dubai. DISPUTE RESOLUTION UNWRITTEN DISTRIBUTION AGREEMENTS IN THE UAE ...

Resource Article - twallace@abiwor... - 01/29/2016 - 14:47 - 0 comments - 0 attachments

Falling Oil Prices Puts Small UAE Businesses At Risk Of Default

Banks facing a surge in defaults on small company loans are closing off credit to the sector in the United Arab Emirates, in a sign of the increasingly brittle business confidence in the Gulf amid a sustained slump in oil prices, the Financial Times ...

Daily Headline - global.abi.org - 11/16/2015 - 20:44 - 0 comments

Surge In SME Debt Defaults Exposes Flaws In UAE Insolvency Rules

A softening in the United Arab Emirates' economy has led to a surge in small and medium-sized businesses defaulting on debt, dragging on banks' performance and highlighting the need for a new bankruptcy law, Reuters reported. In a country where ...

Daily Headline - global.abi.org - 11/03/2015 - 21:27 - 0 comments

New Insolvency Law A Safety Net For SMEs, Banks

An impediment to private enterprise and a major risk for banks has been the lack of a viable insolvency law. Ironically, UAE, which is an important international financial and business hub, has functioned without effective insolvency laws, which hurt its ...

Daily Headline - global.abi.org - 10/18/2015 - 21:06 - 0 comments

UAE Insolvency Law to Follow U.S. Chapter 11

Fahad Al Raqbani, director general of Abu Dhabi Council for Economic Development, said that the long-awaited insolvency law in the United Arab Emirates is expected to contain provisions for corporate bankruptcy modeled on U.S. chapter 11 proceedings, T ...

Daily Headline - abi_admin - 09/15/2015 - 12:23 - 0 comments

Malaysia's 1MDB Denies Abu Dhabi's IPIC Pulling Out Of Debt Restructuring Plan

Malaysian state fund 1Malaysia Development Bhd said on Wednesday (Aug 26) that it strongly denies that Abu Dhabi's International Petroleum Investment Co (IPIC) is considering pulling out of a plan to help restructure 1MDB's debts. "We in f ...

Daily Headline - global.abi.org - 08/26/2015 - 20:40 - 0 comments

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