Dubai Confident about Repaying Debts.Summary: DUBAI - Dubai will be able to service government debt and that of state-linked firms this year, a member of the Gulf emirateAEs financial crisis committee said on Monday. Asked by Reuters if Dubai would be able to settle or refinance its debt in 2009, Shaikh Ahmed bin Saeed Al Maktoum Sheikh Ahmed bin Saeed Al Maktoum (born 1958) is the chairman of Emirates Airline. He is also International Life Vice President of Chelsea Football Club (Chelsea F.C.). said: "Yes." He did not offer further details. Al Maktoum Al Maktoum (المكتوم in Arabic) is the family name of the ruling dynasty of the emirate of Dubai, United Arab Emirates. The Al Maktoum family is a branch of the Bani Yas tribe (a lineage the family shares with the Al Nahyan dynasty of Abu , also chairman of Dubai's Emirates airline, was speaking on the sidelines On the sidelines An investor who decides not to invest due to market uncertainty. on the sidelines Of or relating to investors who, having assessed the market, have decided to avoid committing their funds. of Cityscape (company) CityScape - A re-seller of Internet connections to the PIPEX backbone. E-Mail: <sales@cityscape.co.uk>. Address: CityScape Internet Services, 59 Wycliffe Rd., Cambridge, CB1 3JE, England. Telephone: +44 (1223) 566 950. Dubai 2009, which opened yesterday. The emirate e·mir·ate n. 1. The office of an emir. 2. The nation or territory ruled by an emir. Noun 1. emirate - the domain controlled by an emir and its state-linked firms have outstanding debt of about $80 billion, much of it incurred during a drive that saw Dubai expand activities in logistics, financial services, real estate, luxury retail and tourism. Investors are keen to see how Dubai is able to tap markets as its real estate sector slumps under the weight of the financial crisis. Dubai raised $10 billion in emergency cash from the UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. Central Bank early this year and plans to follow that with another $10 billion to fund obligations still pending. Regional trade and tourism hub Dubai is one of seven members of the UAE federation, which also includes major oil exporter Abu Dhabi. Dubai said the proceeds from its bond scheme would underpin companies such as state-owned Dubai World's Nakheel, the developer of Dubai's signature palm-shaped islands -- part of its drive to build tourism as an alternative to its income from oil, which is relatively modest by Gulf standards. Nakheel has $3.5 billion worth of Islamic bonds maturing in December and questions remain over the government's plan for them. Aa Dubai's Department of Civil Aviation, also chaired by Al Maktoum, will be the emirate's first test in early November when it has $1 billion in bonds maturing. Hopes the Arab Gulf states would ride out the credit crisis on the back of oil wealth have foundered as the region's real estate boom collapsed, the price of oil fell, and concerns grew over the solvency of some debt-laden private Saudi firms. Boosting Confidence "The Dubai credit situation is getting better... (as is) the pricing of Nakheel's bonds... the government saying it has the financing is boosting confidence," said Tamer Bazzari, chief executive office of Dubai-based Rasmala Investments. Aa In April, Dubai said it had refinanced an Islamic loan Islamic Loan A loan that interest cannot be charged on. Instead, the loan is structured using discounts, sale or lease, profit participation, or repurchase agreements. worth $1 billion for Dubai Civil Aviation, paying $365 million and syndicating $600 million. The Dubai Electricity & Water Authority said in May it had raised $1 billion in a loan backed by European export credit agencies Export Credit Agency An agency established by a country to finance its nation's goods, investment, and services, often offers political risk insurance. to fund continued expansion. It raised $2.2 billion in a three-year syndicated loan Syndicated Loan A very large loan in which a group of banks work together to provide funds for one borrower. There is usually one lead bank that takes a small percentage of the loan and syndicates the rest to other banks. Notes: Also known as a "syndicated bank facility. in April. Dubai enjoyed more than six years of rapid economic growth due to rising oil prices but suffered from a cash shortage under the financial crisis that saw property prices plunge and thousands of expatriate workers leave. Copyright 2009 Khaleej Times. All Rights Reserved. Provided by Syndigate.info an Albawaba.com company |
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