This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Two Dubai property developers have seen their Islamic bonds, or sukuk, fall into distressed territory, with investor concern mounting over credit quality and refinancing risks as the war in the Middle East rolls on for a fourth week, Bloomberg reported. Six dollar-denominated sukuk issued by property firms are indicated at distressed levels or trading with a yield spread of over 1,000 basis points above the risk-free rate, according to data compiled by Bloomberg. In total, they represent about 15% of dollar real estate bonds in the Middle East.
Read more
Dubai's property market is beginning to show early signs of weakening nearly three weeks into the U.S.-Israeli war on Iran, with data from analysts showing tanking transaction volumes and some real estate agents pointing to price reductions, Reuters reported. The war, and Tehran's strikes against Israel, U.S. bases and Gulf states including the United Arab Emirates, have pierced Dubai's image as a safe haven for the world's wealthy.
Read more
Battered by Iranian strikes and the disruption of the Strait of Hormuz, the United Arab Emirates and some fellow Persian Gulf states have come to view Iran’s theocracy as an existential enemy. They now want the regime they once courted to be neutered, if not dismantled, when the conflict ends—so the ordeal is never repeated, the Wall Street Journal reported. The U.A.E. has borne the brunt of Iranian attacks: More than 2,000 drones and missiles have been fired at the country since the U.S. and Israel launched the war on Feb. 28.
Read more
Dubai’s digital asset regulatory body has ordered Kucoin Exchange EU Gmbh—operating as Kucoin—to cease and desist its operations in the emirate, according to a Friday announcement, Decrypt.com reported. The Virtual Assets Regulatory Authority (VARA) said that the cryptocurrency exchange does not hold a license to provide digital asset services within Dubai, and is therefore not authorized to operate there.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Animoca Brands has obtained a Virtual Asset Service Provider (VASP) licence from Dubai's Virtual Assets Regulatory Authority (VARA), clearing the way for the Web3 investment giant to offer broker-dealer and asset management services to institutional and qualified investors in and from the emirate, Decrypt.com reported.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
The Court of Arbitration of the International Chamber of Commerce (ICC) has ruled in favour of one of the most important creditors in the Signa bankruptcy case, the Luxembourg Times reported. The ICC awarded sovereign wealth fund Mubadala from the United Arab Emirates around €700 million for breach of financing agreements, according to the creditor protection association Creditreform. The arbitration tribunal is a non-governmental body for commercial and investment disputes.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.