A decade after the global financial crisis pushed Dubai’s real estate sector -- known for its outlandish projects such as man-made palm-shaped islands -- to the brink of collapse, the deadly coronavirus pandemic threatens to send it back there again, Bloomberg News reported. S&P Global Ratings is warning that home prices could slump to 2010 levels as unemployment across key sectors such as tourism and retail eviscerates demand. Prices are currently about 5% to 10% above what they reached a year after the debt crisis in 2009, according to data from real estate services firm Asteco.

Limitless World LLC is close to hiring financial and legal advisers for the Dubai-based developer’s third restructuring as the emirate’s on-going property slump is set to worsen, Bloomberg News reported. The company told creditors that it’s in the “final stages” of engaging advisers to work on a restructuring plan as it’s “unable to pay accrued profit at the end of March,” according to a letter sent to banks and seen by Bloomberg. Limitless’ board has recently been reorganized to comprise three members, who are being advised “on all matters” by a team from Dubai World, the letter said.

Troubled UAE hospital operator NMC Health said on Tuesday its debt pile now stood at $6.6 billion, much higher than earlier estimates, and that it has appointed a former PwC partner as chief restructuring officer to tackle the problem, Reuters reported. The company, which has been in crisis since U.S. firm Muddy Waters' short attack, revised its debt position from $5 billion earlier in March, and named Matthew J.

Banks from Qatar, the United Arab Emirates and India risk losing millions of dollars due to their exposure to Finablr Plc, the foreign-exchange operator that’s preparing for potential insolvency, according to people with knowledge of the matter, Bloomberg News reported. Qatar National Bank, Doha Bank, National Bank of Fujairah, Commercial Bank International and Bank of Baroda are still owed about $300 million by Finablr’s parent BRS Ventures, which is owned by Bavaguthu Raghuram Shetty, some of the people said, asking not to be identified because the matter is private.

NMC Health has found evidence of suspected fraud in its finances following damaging revelations over billions of dollars of undisclosed debt on its balance sheet and doubts over its cash position, the Financial Times reported. The Middle East-focused healthcare group this week admitted net debt was twice what it had disclosed, after it found almost $3bn of borrowings hidden from its board that had been used for unknown purposes. Shares were suspended at the end of last month.

NMC Health has discovered almost $3bn of debt hidden from its board that has been used for unknown purposes, in the latest disastrous revelation to hit the Middle Eastern-focused healthcare group, the Financial Times reported. The company, which until its suspension last month traded in the FTSE 100, said it had identified more than $2.7bn in debt facilities that had previously not been disclosed to, or approved by, the board. This takes its group debt to more than twice as much as the reported $2.1bn.

Two of Dubai’s biggest banks bought loans made to DXB Entertainments PJSC from other regional lenders as part of plans by its majority owner to support the struggling theme park operator, according to people with knowledge of the matter, Bloomberg News reported. Emirates NBD PJSC and Dubai Islamic Bank PJSC acquired the debt from mainly non-United Arab Emirates-based lenders at a discount so Meraas Holding LLC can restructure the park operator with a small group of Dubai-based banks, the people said, asking not to be identified because the information is private.

NMC Health has called on lenders for time to stabilise its finances, as the embattled healthcare group looks to safeguard cash and sustain its operations. The company, which is under investigation by UK regulators, said on Monday that it had sought a so-called “informal standstill” agreement in which lenders hold off exercising any “rights and remedies” they may have in the event of “current or future defaults,” the Financial Times reported.

NMC Health has hired Moelis to advise on debt restructuring as the struggling healthcare group faces signs of a cash crunch with staff members complaining about late salary payments, the Financial Times reported. The mandate was welcomed by lenders, who have become increasingly concerned about their loan exposure to the scandal-hit FTSE 100 company. Trading of NMC’s shares was suspended last week as the UK’s Financial Conduct Authority launched an investigation into its finances. “We just desperately need to see some stabilisation,” said one banker.

France is looking at options to help Lebanon recover from its financial crisis, including an International Monetary Fund (IMF) programme if Beirut seeks one, a minister said on Monday, Reuters reported. French Finance Minister Bruno Le Maire also told reporters in Abu Dhabi that he had discussed the situation in Lebanon with the United Arab Emirates leadership. “We are very concerned,” Le Maire said, adding that the United Arab Emirates and France will decide separately if and how to support the government in Beirut.