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Tuesday, 15 September 2009

TABLE: Dubai's Bonds, Loans Due Until July 2013

The following is a list of Dubai's bonds and loans due until July 2013, according to ratings agency Standard & Poors:

Issuer Maturity Date Amount ($m) Debt Type
Dubai Invest Park Devt Co. 6-Feb-09 68 LOAN
Borse Dubai 28-Feb-09 3,780 LOAN
Dubai Dept Civil Aviation 5-Apr-09 1,000 LOAN
DEWA 14-Apr-09 2,200 LOAN
Dubai Intl Capital 1-May-09 418 LOAN
Gold Sukuk 6-May-09 20 BOND
Emirates Airline 26-Jun-09 116 LOAN
Emaar Sukuk Co 6-Jul-09 65 BOND
Dubai Intl Capital 10-Aug-09 600 LOAN
Emirates Airline 17-Aug-09 98 LOAN
Sama Dubai 28-Sep-09 300 LOAN
Dubai Global Sukuk 4-Nov-09 1,000 BOND
Gold Sukuk 6-Nov-09 20 BOND
Nakheel Development 14-Dec-09 3,520 BOND
Gold Sukuk 6-May-10 20 BOND
Nakheel Development 13-May-10 980 BOND
Dubai World 23-Jun-10 2,100 LOAN
Dubai Intl Capital 27-Jun-10 1,683 LOAN
Dubai Aerospace Enterprise 31-Jul-10 1,539 LOAN
Emirates Airline 10-Oct-10 85 LOAN
Empower 5-Dec-10 225 LOAN
Nakheel Development 16-Jan-11 750 BOND
Ports Customs & Free Zone 22-Mar-11 6,800 LOAN
Emirates Airline 22-Mar-11 89 LOAN
Emirates Airline 24-Mar-11 500 BOND
Tamweel 15-May-11 235 LOAN
Emirates Airline 21-Jun-11 31 BOND
Emirates Airline 21-Jun-11 126 BOND
Dubai World 24-Jun-11 1,950 LOAN
Ports Customs & Free Zone 10-Jul-11 1,003 LOAN
Dubai Holding Comml Ops 14-Jul-11 241 BOND
Dubai Aerospace Enterprise 23-Jul-11 1,000 LOAN
Du 27-Jul-11 817 LOAN
Emirates Airline 14-Aug-11 120 LOAN
Investment Corp of Dubai 21-Aug-11 6,000 LOAN
Dubai Holding 26-Aug-11 1,160 LOAN
Dubai Financial 27-Aug-11 1,500 LOAN
Dubai Drydocks World 30-Sep-11 2,200 LOAN
Emirates Airline 8-Nov-11 87 LOAN
Dubai Aerospace Enterprise 17-Jan-12 800 LOAN
Dubai Holding Comml Ops 1-Feb-12 500 BOND
Emaar Properties 12-Feb-12 1,000 LOAN
Dubai Financial 13-Feb-12 330 LOAN
Emirates Airline 20-Feb-12 90 LOAN
Dubai Sukuk Centre 13-Jun-12 1,250 BOND
Wings 15-Jun-12 550 BOND
Nakheel Corp 20-Aug-12 1,850 LOAN
Emirates Airline 9-Sep-12 66 LOAN
DP World 22-Oct-12 3,000 LOAN
JAFZ Sukuk 27-Nov-12 2,000 BOND
Dubai World 25-Jun-13 1,000 LOAN
Emirates Airline 11-Jul-13 500 BOND.END

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FOCUS:Dubai To Avoid Fire Sale After DP World Deal Collapses

The collapse of a deal that would have seen Dubai sell a stake in ports operator DP World (DPW.DIF) may show that the sheikdom will avoid a fire sale of its prized assets to pay off its debt pile.

The sale of the stake in the company could have raised about $1.2 billion at current market prices.DP World confirmed Monday that government-controlled Dubai World, which owns 77% of the company, had ended talks with an undisclosed private equity firm about a sale.

"This may indicate that for Dubai World there are other ways to finance their commitments than selling stakes," said Nabil Ahmed, director of Middle East research at Deutsche Bank AG.

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Kuwait plans $349 mln new Islamic bank

Kuwait plans to set up an Islamic lender with a capital of 100 million dinars ($349 million), in which the country's sovereign wealth fund will have a 24 percent stake, the minister for cabinet affairs said late Monday, the official Kuna news agency reported.

Kuwaitis will own the remaining 76 percent in Warba Bank, Rawdan al-Rawdan said after a cabinet meeting Monday evening, Kuna reported.

Kuwait currently has three Islamic lenders, Kuwait Finance House, in which the country's sovereign wealth fund Kuwait Investment Authority has a stake, Boubyan Bank and Kuwait International Bank.

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Time not yet ripe for halting stimulus: Saudi

The global financial crisis had only a minor impact of the Saudi economy, but it is still too soon for countries to scale back stimulus packages aimed at supporting recovery, Saudi Arabia's finance minister said.

The world's biggest oil exporter, like other nations, has boosted spending on infrastructure, education and healthcare this year seeking to underpin economic growth. "I believe that the world has seen the worst of the crisis, however, we are still not out of the woods," Saudi Finance Minister Ibrahim Al Assaf said in an interview.

"Countries need to look at the right timing about when to withdraw, when to implement 'the exit strategy' to start drawing back the stimulus packages. It is not now, this is not the right time and it has to be country specific," he added.

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Liquidity not a big issue with UAE: StanChart

Liquidity is not currently a big issue with the UAE banks, but the problem lies in the structure of liquidity, according to Shayne Nelson, Regional Chief Executive Officer, Middle East and North Africa, Standard Chartered Bank.

Nelson told reporters that the Standard Chartered, which has acted as joint book runners for a few bond issues, including the $1.5 billion (Dh5.50bn) Taqa issue and another from Tourism Development and Investment Company (TDIC) recently, has been mandated for a few other issues.

He highlighted the need for having a realistic approach in recognising deposits and advances while computing advances-deposit structure ratio.

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OPEC and IEA singing off the same hymn sheet

OPEC and the International Energy Agency (IEA) are often viewed as coming from different worlds, representing clients with diametrically opposed energy interests. So it is noteworthy when they agree. That happened last week, when the IEA said OPEC’s decision to keep its output targets steady was “sensible”.

For OPEC, the 12-nation group controlling about 40 per cent of the world’s oil supply, the decision was not as straightforward as it might have seemed to outsiders. It was not just a matter of marking time or taking the path of least resistance. Rather, it was a deliberate staying of action to help support oil demand.

The OPEC secretary general, Abdulla el Badri, provided some behind-the-scenes insight last Thursday during a post-meeting briefing session with reporters at the secretariat’s headquarters in Vienna.

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Fresh charges filed in fraud trial

Adel Shirawi, the former chief executive of the developer Tamweel, faced fresh charges yesterday of fraud involving Dh42 million (US$11.4m) in illegal land deals.

Mr Shirawi, 38, who was also deputy chief of Istithmar World, was charged this year with making an estimated Dh44m in such deals.

The new allegations, made in the Dubai Criminal Court of First Instance, related to commission on the sale of land at Jumeirah Lakes Towers and Dubai Maritime City.

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Al-Gosaibi legal wrangling continues in Dubai

About 100 bankers and lawyers met in Dubai Monday night with representatives of Ahmad Hamad Al-Gosaibi and Brothers Co, a Saudi conglomerate that's trying to restructure about $9 billion of debt, according to people familiar with the matter.

Creditors at the meeting were given a legal overview and shown details of alleged fraud by former Al- Gosaibi employee Maan al-Sanea - now chairman of Saad Group.

"The Al-Gosaibi family made clear that they are intent on holding Maan al-Sanea accountable and working with the banks to secure a just outcome," a spokesperson for the Al-Gosaibi group told the news agency Zawya Dow Jones, referring to the meetings.

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Forex Firms Seek Growth Opportunities In Middle East

This year, at least three Internet companies have opened offices in Dubai, trying to capitalize on growth opportunities in the region. Case in point: The retail Internet platform of Deutsche Bank,, recorded a 501% year-on-year increase in Middle Eastern currency trading volumes in the first quarter of 2009.

"The opportunities are ripe for foreign-exchange firms, because businesses in Dubai are already very aware and sensitive to foreign-exchange fluctuations," said Kathy Lien, chief strategist at Global Forex Trading, which opened a Dubai office last year.

Oanda Corp., with headquarters in New York, is the latest currency platform to open shop in Dubai, following Saxo Bank and FXCM Holdings LLC earlier this year.

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Lehman collapse: Dubai and Gulf give a glimpse of a new world order

Nowhere did the financial crisis expose dreams as fantasy more starkly than Dubai and the Gulf. But perhaps nowhere, not even China, is the new world order that might result more clearly visible.

In the early months of the credit crisis, before the collapse of Lehman Brothers, Gulf states seemed immune.

Energy giants such as Saudi Arabia and Abu Dhabi saw their sovereign wealth funds swell from the upwards surge of the oil price.

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Richest adapt to survive downturn

Though they may not gain much sympathy, the past year has been tough on the Middle East's wealthiest individuals and families.

Local and international equity markets, in spite of a rally over the past six months, are still at multi-year lows. Real estate prices are only starting to stabilise but a recovery to the values of 2007-08 could be far away. Nowhere has proved a safe haven .

"Most ultra-high net worth individuals are pretty well diversified, both in the region and internationally, but they have been hit on all fronts," says Sandy Shaw, Coutts & Co's head of Middle East private banking. "This is a global recession and it has hit everyone."

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Guiding hand in family boardrooms

The economic crisis is causing a growing number of family-owned businesses in the Gulf to seek outside help to draw up family constitutions and formalise internal governance structures, experts say.

The global downturn has given companies time to “sit back and think”, says Andrew Hope-Morley, a director at HSBC Private Bank, while the high-profile problems of two prominent Saudi groups – Ahmad Hamad Algosaibi & Brothers and Saad Group – have given some additional food for thought.

The two groups’ problems have raised questions about internal controls at family companies and the lending practices of banks that have provided facilities to the region’s prominent businesses on reputation alone.

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