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United Arab Emirates
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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.
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Pakistan has secured commitments from China, Saudi Arabia and the United Arab Emirates to rollover debt for a year, a boost for the nation as it awaits a final approval for its new $7 billion loan program with the International Monetary Fund, Bloomberg News reported. The amount of rollovers will be the same as last year, Pakistan’s Finance Minister Muhammad Aurangzeb told reporters in Islamabad after a parliamentary committee meeting. Pakistan has $12 billion in bilateral loans that have been extended for the past few years.
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Dubai Holding refinanced a 30 billion dirham ($8.2 billion) loan to replace older facilities at the two state-backed developers it absorbed last month, better positioning itself to capitalize on a boom in the city’s real estate market, Bloomberg News reported. The funding will refinance debt held by the firms — Nakheel and Meydan — according to people familiar with the matter, who asked not to be identified because the information is private. The deal helped secure more favorable terms for the debt, with Emirates NBD Bank PJSC and Mashreqbank PSC underwriting the loan, they said.
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The new bankruptcy law coming into effect on May 1, 2024, in the UAE is expected to lead to more successful restructuring of insolvent businesses, ensuring a safer and more vibrant entrepreneurial ecosystem in the UAE, the Khaleej Times reported. The latest law per Federal Decree-Law No. 51/2023 introduces important enhancements to the UAE’s bankruptcy framework, including the establishment of a dedicated bankruptcy court, a new preventive settlement procedure, and increased liability for management.
An oil trader sued the United Arab Emirates for $2.8 billion over allegations the state directed a smear campaign that pushed his company into bankruptcy, Bloomberg News reported. The complaint, based on more than 8,000 hacked documents, shines a spotlight on the shadowy world of private intelligence agencies for hire. Oil trader Hazim Nada alleges that his company Lord Energy SA was targeted by a campaign of misinformation orchestrated by Swiss firm Alp Services SA, and ultimately directed by the UAE and its president, Sheikh Mohammed bin Zayed.
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Hundreds of thousands of homeowners are attempting to navigate Dubai’s red-hot housing market, which has outperformed most others around the world this year, Bloomberg News reported. Tenants, property analysts and developers are trying to predict whether the market is finally starting to turn as a slew of new properties are delivered and global economic uncertainty catches up with the emirate. So far, the boom has been underpinned by an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians seeking second homes.
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