All is well that ends well.
Dec 14th 2009, 3:48 am
#1
Lost in BE Cyberspace
Thread Starter
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
All is well that ends well.
* Dubai Government Debt Conference Call About To Start
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0432GMT
* Dubai Govt Says To Start Talks With Contractors Over Debts
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0439GMT
* Dubai Gvt Says Abu Dhabi $10 Bln Funding Has No Conditions
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0440GMT
* Dubai Government Says More Debt Due Next Year
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0441GMT
* Dubai Reorganization Law To Help Dubai World Restructure
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0442GMT
* Dubai, Abu Dhabi Discuss All Options Including Asset Sales
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0445GMT
* Abu Dhabi's $10 Billion Funding Is Unconditional For Dubai
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0446GMT
***********
DUBAI (Zawya Dow Jones)--Dubai's government Monday said it has received $10 billion in financing from Abu Dhabi, which will pay part of the debt held by conglomerate Dubai World and its property unit Nakheel.
"As a first action for the new fund, the Government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today," the Dubai government said in an emailed statement.
The remainder of the funds will be used "for the satisfaction of obligations to existing trade creditors and contractors", it said.
Discussions with affected contractors will begin shortly.
Dubai said it will also introduce a reorganization law to ensure greater transparency and creditor protection. The law will be available if Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations, it said.
-By Stefania Bianchi, Dow Jones Newswires; +971 4 3644967; [email protected]
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0432GMT
* Dubai Govt Says To Start Talks With Contractors Over Debts
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0439GMT
* Dubai Gvt Says Abu Dhabi $10 Bln Funding Has No Conditions
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0440GMT
* Dubai Government Says More Debt Due Next Year
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0441GMT
* Dubai Reorganization Law To Help Dubai World Restructure
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0442GMT
* Dubai, Abu Dhabi Discuss All Options Including Asset Sales
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0445GMT
* Abu Dhabi's $10 Billion Funding Is Unconditional For Dubai
Monday, Dec 14, 2009
(END) Dow Jones Newswires
14-12-09 0446GMT
***********
DUBAI (Zawya Dow Jones)--Dubai's government Monday said it has received $10 billion in financing from Abu Dhabi, which will pay part of the debt held by conglomerate Dubai World and its property unit Nakheel.
"As a first action for the new fund, the Government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today," the Dubai government said in an emailed statement.
The remainder of the funds will be used "for the satisfaction of obligations to existing trade creditors and contractors", it said.
Discussions with affected contractors will begin shortly.
Dubai said it will also introduce a reorganization law to ensure greater transparency and creditor protection. The law will be available if Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations, it said.
-By Stefania Bianchi, Dow Jones Newswires; +971 4 3644967; [email protected]
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
Dec 14th 2009, 4:02 am
#2
BE Forum Addict
Joined: Aug 2007
Posts: 3,287
Re: All is well that ends well.
so I guess that means that the stock markets will rise today in combination with the dollar weakening a little.
Dec 14th 2009, 4:21 am
#3
Lost in BE Cyberspace
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Re: All is well that ends well.
I guess so. Although I'm not too sure what the effect it will have in the fx markets, it's not like AD printed this money like the Americans do. It would have been a hard transfer from reserves.
Dec 14th 2009, 4:27 am
#4
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Posts: 677
Re: All is well that ends well.
Dec 14th 2009, 4:55 am
#5
Go on.. Pull my finger..
Joined: Jul 2008
Location: Dubai
Posts: 5,726
Re: All is well that ends well.
So, Dubai gets 10bn.. What did AD get in return????
Dec 14th 2009, 4:59 am
#6
Go on.. Pull my finger..
Joined: Jul 2008
Location: Dubai
Posts: 5,726
Re: All is well that ends well.
Also heard a rumour (unsubstantiated, I hasten to add) that, following a Central Bank meeting last week over the amount of money pouring out of local banks and going offshore, it has been suggested thatthe banks will raise the minimum deposit requirements on accounts to at least 20,000dhs.
Commencing 2010, if you fall below these values, extremely high charges will be applied...
Commencing 2010, if you fall below these values, extremely high charges will be applied...
Dec 14th 2009, 1:52 pm
#9
Banned (Always Correct)
Joined: Aug 2004
Posts: 941
Re: All is well that ends well.
While I'm not surprised that AD did this, considering there is another 60-120 Billion of dubai debt maturing in the next 2 years this is just the tip of the iceberg.
Dec 15th 2009, 3:38 am
#10
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Joined: Apr 2005
Posts: 677
Re: All is well that ends well.
Things are definitely changing - but it's going to be okay.
Dec 15th 2009, 8:14 am
#11
Banned
Joined: Jan 2007
Location: Holland, luckily!
Posts: 223
Re: All is well that ends well.
The published figure is less than 120B - I'm not sure which orifice you pulled that number from. In any case, UAE has demonstrated that it can and will handle it's business. Your doomsday prediction isn't going to happen.
Things are definitely changing - but it's going to be okay.
Things are definitely changing - but it's going to be okay.
