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Wednesday, 15 June 2011

Mixed feelings in City of London over Dubai bond sale - The National

In various parts of the City of London this week, analysts are scratching their heads and trying to answer one question: should they lend more money to Dubai?

A stellar cast of investment bankers from Standard Chartered, HSBC, Emirates NBD and UBS has been hired to sell the Dubai Government's 10-year dollar bond with a five-year put option.

This follows the sale of five and 10-year bonds by the Government of Dubai in October last year that carry a coupon of 6.7 per cent and 7.75 per cent respectively, according to data from Reuters. / Comment - Dubai bond sale marks rehabilitation

A rising tide lifts all ships, even those laden with a pile of IOUs. Amid a marked rally of emerging market bonds Dubai’s government has once more returned to international debt markets, raising $500m and reaffirming its rehabilitation in the eyes of investors.

At the time of Dubai’s last sovereign bond sale in September — its first since rattling markets in late 2009 with the restructuring of state-owned conglomerate Dubai World — the five-year $500m issue was priced to yield 6.7 per cent and the $750m, 10-year bond was priced to yield 7.75 per cent.

Yet since then Dubai’s economic recovery has gathered pace, largely thanks to the emirate’s status as a perceived haven in a restive Arab region. This has boosted the local stock market, and lowered the cost of borrowing for Dubai.

Dubai tempts once again but dangers still lurk | Reuters

Dubai is back in business, or at least on its way to repairing an image devastated by a debt crisis.

Less than three years ago foreign investors turned their backs on Dubai, the tiny desert city-state with grand ambitions built on massive debt, after state-conglomerate Dubai World announced it would restructure about $25 billion in debt.

But now, Dubai's flagship airline has successfully marketed a $1 billion bond, hotels have attracted thousands more guests and unrest across the Middle East has persuaded some businesses to move some their offices to the more stable emirate.

EFG-Hermes says Q1 profit nearly wiped out | Reuters

EFG-Hermes, Egypt's biggest investment bank, said first-quarter net profit slumped 93 percent due to political turmoil and an exceptional capital gain having boosted figures in the same period last year.

This year's uprisings in Arab countries hit the region's investment banks by depressing stock markets and suppressing appetite for fresh capital. Analysts say the outlook remains tough.

EFG-Hermes said on Wednesday its investment banking operations were also hurt by the closure of the Egyptian stock exchange for 38 trading days in the quarter, due to unrest.

MENA stock markets close - June 15, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
DFM (Dubai Financial Market)
ADX (Abudhabi Securities Exchange)
KSE (Kuwait Stock Exchange)
BSE (Bahrain Stock Exchange)
MSM (Muscat Securities Market)
QE (Qatar Exchange)
LSE (Beirut Stock Exchange)
EGX 30 (Egypt Exchange)
ASE (Amman Stock Exchange)
TUNINDEX (Tunisia Stock Exchange)
CB (Casablanca Stock Exchange)
PSE (Palestine Securities Exchange)

UPDATE 2-Dubai launches $500 mln 10-year bond -leads | Reuters

The government of Dubai launched a $500 million 10-year bond on Wednesday at the lower end of earlier guidance, lead arrangers said, with the emirate preferring to issue a smaller size in return for a better price.

The bond, expected to price by mid-afternoon London time, launched at 375 basis points over five-year midswaps. Guidance for the bond had been between 375 basis points and 385 basis points over five-year midswaps.

"It is a small bond issue. On the other hand, this also could be good for pricing," said Michael Ganske, Head of emerging market research at Commerzbank in London. "500 million is not a lot."

UAE's Majid Al Futtaim sets up $2 bln bond programme - Maktoob News

UAE's Majid Al Futtaim Holding (MAF), the sole franchise of hypermarket chain Carrefour in the Gulf, has set up a $2 billion global bond programme, paving way for a potential debt issue.

Barclays , Standard Chartered and Emirates NBD were picked to arrange the programme, according to the prospectus published on the London Stock exchange on Wednesday.

MAF was planning to set up a medium term notes programme worth between $2 billion to $4 billion, sources told Reuters on Monday.

Dubai launches $500 mln 10-yr bond -leads - Maktoob News

The government of Dubai launched a $500 million 10-year bond on Wednesday at the lower end of earlier guidance, lead arrangers said.

The bond, expected to price by mid-afternoon London time, launched at 375 basis points over five-year midswaps. It includes a put option after five years, allowing investors to redeem their investment ahead of maturity at full value.

Lead managers had released guidance of between 375 and 385 basis points over five year midswaps earlier in the day.

Kuwait's Dar plans to repay $298 mln to small creditors - Maktoob News

Investment Dar, which owns half of carmaker Aston Martin, will pay about 82 million dinars ($298.7 million) to individuals and small non-financial institutions in the first year of its debt restructuring plan.

The Kuwaiti firm was granted court's approval to implement its eight and half year restructuring, in which it aims to pay back over $3.5 billion to creditors and be admitted under the Financial Stability Law.

"In the second, third, fourth and fifth years there will be fixed payments to the remainder of the banks and investors, followed by a final payment before June 30, 2017," Dar said in a statement on Wednesday.

Saudi Algosaibi family backs down in UK bank spat - Maktoob News

The Saudi Algosaibi family, which has been locked in drawn-out legal battles over who should pay a debt pile estimated at $22 billion, is conceding it owes five international banks millions of dollars.

In a London court case on Wednesday, the Ahmad Hamad Algosaibi & Brothers (AHAB) family partnership said it was dropping its defence against claims by banks including UK-based HSBC Holdings and France's Credit Agricole.

The case, which also involves Bahrain-based Arab Banking Corporation (ABC) and London-based British Arab Commercial Bank (BACB), is among several lawsuits triggered by one of the biggest corporate failures of the financial crisis.

Middle East Crude-Traders eye Europe after Brent/Dubai blowoutl | Reuters

Traders in the Middle East crude market were eyeing opportunities to send cargoes of the lightest grades in the region to Europe, as the blowout of Brent's premium relative to Dubai rendered shipments more attractive.

The likelihood of increasing shipments of grades such as Abu Dhabi's Murban to Europe halted the plunge in prices since Saudi Arabia offered more crude to Asian buyers last week, some traders said.

Discussion for Qatari heavy sour al-Shaheen crude hovered at premiums of 50-60 cents a barrel to Dubai quotes, down slightly from Tuesday but not as low as some traders had expected. Traders awaited results from Tasweeq's tender to sell six cargoes for loading in August.

Abu Dhabi Commercial Jumps to Three-Year High Before Stake Sale - Bloomberg

Abu Dhabi Commercial Bank PJSC (ADCB) rose to the highest in almost three years after the Malaysian government said the bank will sign an agreement to sell its stake in Kuala Lumpur-based lender RHB Capital Bhd (RHBC) on June 17.

The shares rallied 2.9 percent to 3.19 dirhams, the highest intraday level since October 2008, at 1:02 p.m. in Abu Dhabi. The stock has gained 9.6 percent this month.

The United Arab Emirates’ third-largest bank will sell the RHB Capital stake to Aabar Investments PJSC, the Malaysian government advisory said. Abu Dhabi Commericial Bank said on June 12 it received Malaysian central bank approval to hold talks to sell its 25 percent stake to Aabar, an Abu Dhabi government-owned fund.

Dubai bourse highest since February on MSCI index rumours « ArabianMoney

Dubai shares jumped by 2.2 per cent today on a much higher than normal volume of 194 million shares as rumours circulated that the bourse might have clinched inclusion in the MSCI emerging markets index which is expected to be announced this time next week.

It could be that the MSCI impact on Dubai share prices is a question of being better to travel than to arrive, and that once the announcement is made shares will actually fall back. The same thing happened when DP World was finally listed on the London Stock Exchange and promptly declined in value.

S&P Fund Services assigns rating to Royal Capital Mena Fixed Income Plus Fund -

Standard & Poor’s Fund Services announced today that it has assigned an A/V5 fund rating to the Royal Capital Mena Fixed Income Plus Fund, the first fixed income fund in the region to be rated by Standard & Poor’s Fund Services.

The fund is formally benchmarked against the HSBC/Nasdaq Middle East Aggregate Bond index but portfolio construction can differ substantially from index.

The team aims to outperform the index but also a selected group of other Middle East funds, some of which are sukuk funds.

Egypt's EFG-Hermes says Q1 net plunges 93 pct | Reuters

EFG-Hermes, Egypt's biggest investment bank, said on Wednesday that net profit for the first quarter of 2011 plummeted 93 percent.

Net profit fell to 36.0 million Egyptian pounds from 483.6 million pounds in the first quarter of 2010, it said in an emailed statement.

BBC News - Southern Cross to hold crisis meeting with creditors

Southern Cross is to hold a crisis meeting with landlords, lenders and the Department of Health later.

The care home provider, which is unable to meet rent payments on its homes, hopes to reach an agreement on its financial future with its creditors.

Of central importance is how to ensure continuity of care for the 31,000 people at the firm's 751 care homes. - Opec eyes record revenues above $1,000bn

The last meeting of the Opec oil cartel ended in disarray. But the collapse will not affect the finances of the group. The earnings of the members of the cartel, from Saudi Arabia to Iran, are set to break above the $1,000bn mark this year for the first time, beating the $965bn peak set in 2008, according to the US government.

The forecast of earnings of $1,034bn this year represents a hefty 32.5 per cent increase from the nearly $780m that Opec earned last year. Even, in real terms, adjusted by inflation, Opec earnings would also hit a record this year and nearly double the earnings level set in 1980 during the second oil crisis.

The US Energy Information Administration, the statistical and arm of the US Department of Energy, on Tuesday published the new estimate, which takes into account higher oil prices for the rest of the year and extra production.

Tax collection tumbles following global crisis - The National

The Dubai Government's tax revenues from international banks operating in the emirate plunged after the global financial crisis and are expected to dip sharply again this year, according to estimates from the Department of Finance.

A bond prospectus published by the Dubai Government reveals that the emirate reaped Dh1.113 billion (US$303 million) in income tax last year, a 17 per cent decrease on the previous year.

Unlike other countries, the UAE does not impose income taxes on individuals. Yet profits at international banks are taxed at 20 per cent, the prospectus reveals, accounting for all the emirate's income tax revenues. What is more, the tax makes it possible to estimate the profits made by those same banks. The tax revenue recorded last year would reflect profits of about Dh5.56bn.

ADCB to sign sale of RHB shares to Aabar on Friday-govt | Reuters

Abu Dhabi Commercial Bank will sign an agreement on Friday to sell its shares in Malaysian lender RHB Capital to Aabar Investments, according to Malaysia's information ministry.

The signing of the agreement would take place during an official visit by Abu Dhabi Crown Prince Sheikh Mohammed Binzayed Al Nahyan to Malaysia on Friday, according to an itinerary released by the ministry.

Jordan In GCC: Risks And Opportunities - OpEd

While they belong to the Levant, geographically, historically and culturally, Jordanians are not detached from the Gulf region.

Initial reactions to the news that Jordan may be joining the Gulf Cooperation Council (GGC), a small cartel of oil-producing Arab states, were mostly expressed in a tongue-in-cheek manner. The most common was that Jordanians should acquire a taste to wearing the white dishdasha, a traditional white robe worn by nationals of the Arabia Gulf. Others spoke of cheap gas and giant American SUVs becoming the new symbol of our lifestyle. There were the skeptics, who believe that the whole thing is a political stunt – a desert mirage.

But there is no smoke without fire. In spite of very little information released to the public, the GCC leaders did extend an invitation to Jordan to join their exclusive club last month. Jordan, it has been revealed, had first submitted a request for membership in 1988. Only now did the Gulf states take it seriously, most likely as a reaction to the seismic events that had swept through our region earlier this year.

More private equity funds on the anvil - Times of Oman

The Financial Corporation (Fincorp) sponsored private equity fund, which has achieved its first closure at RO12 million, is considering more such funds at a later date, after successfully investing the initial fund.

“Our aim is to create more funds under the new company. We can start a different fund focusing on a separate sector,” Munir A. Makki, managing director and president of the Fincorp told Times of Oman, on the sidelines of announcing the official launch of Fincorp Oman Private Equity Fund here yesterday.

Fincorp-sponsored fund, which has a target corpus of RO20 million, is expected to achieve its final closure for raising the remaining portion by the end of this financial year.

Investment Dar Aims to Implement Its Restructure Plan on June 30 - Bloomberg

Investment Dar Co., the Kuwait-based owner of half of Aston Martin Lagonda Ltd., said it will start implementing a plan to restructure 1.37 billion dinars ($5 billion) of debt on June 30.

Investment Dar said June 2 that Kuwait’s Special Circuit Court of Appeal approved the company’s request for application of the country’s Financial Stability Law, providing the legal framework enabling it to implement the plan.

“Approximately 82 million dinars in total will be paid out in the first year, which will go to individual investors and small non-financial institutions,” Investment Dar said in an e- mailed statement today. “In the second, third, fourth and fifth years there will be fixed payments to the remainder of the banks and investors, followed by a final payment before June 30, 2017, which will make up the balance owed to this group plus an amount equating to an annual profit over the 8.5 year period.”

gulfnews : Mena bonds to cross $40b

Bond issues in the Middle East and North Africa region this year are expected to match or exceed last year's level of $40 billion (Dh146 billion), said a senior Deutsche Bank executive Tuesday.

"Year-to-date we have seen bond issues worth $10 billion from the Mena region. There has been a temporary halt in the issuance from the region during the past few months due to the political uncertainties linked to the Arab Spring. We expect to see many of these issuers coming to the markets before the end of the year," said Salman Al Khalifa, managing director, head of global markets at Deutsche Bank.

The $10 billion in bond issues that have hit the market so far this year does not include those recently announced by Dolphin Energy and the Dubai government.

Saudi plan could put companies out of business, economists warn - The National

The introduction of tough quotas for employing Saudi nationals in the kingdom could force companies out of business, economists have warned.

Under rules aimed at providing 1.12 million new jobs for Saudi nationals by 2014, firms failing to employ a sufficient number of locals face punishment.

"Forcing companies to hire Saudis is not the right approach by itself," said John Sfakianakis, the chief economist of Banque Saudi Fransi. "The right approach is to create incentives. The incentive now is on low skills and low wages, and this has to change to high skills with higher wages in an exonomy with open immigration."

Al Gosaibi barrister targets al Sanea - The National

A top lawyer for the Saudi business group accused of covering up the scale of its crushing debts will present exhaustive evidence on how his clients were repeatedly hoodwinked about the looming financial catastrophe by Maan al Sanea, London's High Court heard.

Ewan McQuater, barrister, for the Al Gosaibi group, told Mr Justice Flaux the court would hear comprehensive evidence about the "machinations" used by Mr al Sanea - once among the richest men in the world - to cover his tracks when arranging huge loans and camouflaging the scale of the debt faced by the company.

The group, which collapsed owing US$9 billion (Dh33.05bn) in 2009, is being sued in London for $220 million by five banks that claim Al Gosaibi deliberately concealed the "guilty secret" of its indebtedness until it finally defaulted on its loans. But Mr McQuater has pinned the blame on the former managing director of the company's the Money Exchange division, Mr al Sanea, whom he termed a "master fraudster" who "went to extraordinary lengths to conceal his activities".

Exclusive: Saudi to pump nearly 10 million bpd in June: sources | Reuters

Saudi Arabia's crude output is expected to jump to nearly 10 million barrels per day (bpd) in June but the world's top oil exporter could pump slightly less in July, industry sources said.

The kingdom pledged last week it would increase production regardless of official OPEC policy after its proposal to lift OPEC output was blocked by seven producers including Iran, Venezuela and Algeria.

"Production in June will be around 9.8 (million bpd) if not a bit more," a Saudi industry source told Reuters.

HSBC sees strong pipeline for Islamic bonds in 2011

HSBC is seeing mandates for Islamic bond issuance in 2011 that are above pre-crisis levels, with at least one more sukuk expected to come to market before mid-July, executives said yesterday.

Debt capital markets have experienced a resurgence in recent months, as the cost of borrowing came down and liquidity levels for Islamic bonds reached the highest level they have seen been in four or five years, Mohammed Dawood, managing director of global capital financing at HSBC told reporters.

“Our pipeline is very healthy, more healthy than 2007,” Dawood said. “We have seen a significant pickup in sukuk mandates.”

Gulf states keen to achieve 'emerging market' status - The National

There is growing anticipation in the financial communities of Dubai, Abu Dhabi and Doha over next week's decision by MSCI, the investment services provider of the investment bank Morgan Stanley, about "emerging-market" status.

MSCI is to decide whether the UAE and Qatar should be elevated from the ranks of "frontier markets", where they currently lie, to the category of emerging markets.

In the former, they keep company with Bangladesh, Mauritius and Slovenia; if they get elected to the latter, they will be in Bric-land, alongside such global economic giants as Brazil, Russia, China and India.

gulfnews : Gulf Capital ventures into credit business

Abu Dhabi-based Gulf Capital, one of the region's major alternative asset management firms with about $1 billion (Dh3.67 billion) worth of assets under management said Tuesday its venturing into credit business under which a $250 million to $300 million credit fund will be launched later this year following the regulators' approval.

The fund will focus primarily on providing liquidity and growth capital for regional companies and acquisition finance for private equity firms in the Middle East and Turkey.

"The fund has a ten-year maturity period and a five-year investment period. The targeted investors are sovereign wealth funds, insurance companies, pension funds and large family-owned businesses," Karim Al Solh, Chief Executive Officer of Gulf Capital, told a news conference in the capital.

gulfnews : Gulf Finance House to push ahead with Mumbai Economic Development Zone

Gulf Finance House BSC (GFH or the Bank), the Bahrain-based Islamic investment bank, said it has signed a partnership aagreement with Wadhwa Group, an eminent real estate developer in India to develop core infrastructure of the Bank's Energy City Navi Mumbai (ECNM) and Mumbai IT and Telecom City (MITTIC) projects (together termed as the Mumbai Economic Development Zone), and also secure a successful exit for investors.

Following the infrastructure development GFH and Wadhwa will together develop integrated homes, affordable housing, hotels and malls on the two sites, which hold a strategic location on the outskirts of Mumbai.

This follows GFH's recent announcement of returning back to profitability in Q1 of 2011 with a net profit of $11.9 million for the quarter. - Syria’s finances under scrutiny

Syria could by the end of the year be forced to look for outside aid to keep its economy afloat, analysts warn, as the country reels from three months of protests and a huge military crackdown.

As troops advanced on the northern town of Maarat al-Numan on Tuesday, observers increasingly questioned the health of Syrian finances.

With the tourism sector devastated by the unrest, foreign investment on pause and government spending rising to help ease the discontent, analysts say foreign exchange reserves at the central bank are being depleted as the government tries to stem pressure on the local currency. The Syrian pound slipped about 15 per cent against the dollar in April and sells for less than the official rate on the black market.

Carlyle, the new EM cheerleader | beyondbrics –

Forget higher interest rates and inflation fears. Emerging markets are still hot properties. The proof? Carlyle, the US private equity group, has just sealed a deal to acquire a 55 per cent stake in Emerging Sovereign Group, the EM specialist hedge fund that has $1.6bn under management.

The specific terms of the deal were not disclosed. All Carlyle would say is that in return for giving up the 55 per cent stake, the owners of ESG will receive a mix of cash, stock in Carlyle and performance related payouts.

Cynics may argue out that, with profits from leveraged buyouts on the wane, Carlyle’s move into emerging markets is no more than a diversification attempt to appear more attractive to potential shareholders ahead of a planned initial public offering later this year.

Dubai Revelations -

The Dubai bond prospectus has revealed some new information about the emirate's economy and confirmed others. Here is a look at some of the most interesting aspects of Dubai's economy.
For all those who didn't read the 123-page Dubai bond prospectus, we have digested the fact-filled proposal to reveal some of the most interesting aspects of the emirate's economy. Some of it may come as a surprise, while other pieces of information confirm that we already know. In any case, it has led to more transparency about the emirate's economy.

Here is the most interesting points - digested:

Dubai Is Conscious It Could Be A Terrorism Target
The emirate notes that it is dependent on expatriate labour and has attracted high volumes of foreign businesses and tourists to the emirate. "These steps make it potentially more vulnerable should regional instability increase or foreign militants commence operations in the emirate," the prospectus notes.

Dubai Will Support GREs (At Its Sole Discretion)
After the brouhaha surrounding Dubai World's debt, and whether the Dubai Government was liable for its liabilities, the prospectus notes the following regarding government-related entities (GREs) liabilities:

"Certain strategic GREs have significant borrowings which are not direct obligations of the Government of Dubai. If any of these entities are unable to, or are potentially unable to, fulfil their debt obligations, the Government of Dubai, although not legally obliged to do so and without any obligation whatsoever, may at its sole discretion decide to extend such support as it may deem suitable, and based on such terms as it may deem suitable, to any such entities in order to allow them to meet their debt obligations."

Dubai Has A Young Population
64% of the population is between the age of 20 to 39, of which nearly 20% are between the age of 30 to 34.

The UAE Has Unresolved Border Issues
Apart from its dispute with Iran on the three Gulf islands, the issue with Saudi Arabia and Qatar are still not resolved.

Readers may remember that Saudi Arabia had thrown the spanner in the works putting in jeopardy the Dolphin Project back in 2006. (Read)

The prospectus also notes that the UAE is also seeking, through negotiation, "to resolve issues related to the 1974 provisional and, as yet, unratified, agreement with Saudi Arabia on the border between the two countries, which the UAE believes should be substantially amended."

Details On How Real Estate Impacted On Dubai GDP
Dubai's nominal GDP growth rates contracted by 14.2% in 2009. Meanwhile, the emirate's real GDP fell 2.4% in 2009.

This decline was primarily due to Dubai's real estate sector which fell by 19.8% in 2009 and 2.6% in 2010; construction fell by 19.5% in 2009 and 14.7% in 2010. Real estate sector, which contributed 17.9% to the emirate's GDP, now contributes 13.7% to the economy.

217 Projects Were Cancelled
According to RERA, of the total number of registered projects at 31 May 2011, 129 projects have been completed since the beginning of 2009. In the last two years, RERA has additionally completed a review of more than 450 projects and, of these reviewed projects, 237 are expected to be completed in due course. 217 registered projects have been cancelled by RERA as at 31 May 2011.

"The Government of Dubai also launched a new initiative in 2010 to certify projects called 'tayseer'. A total of 114 projects have been selected as at 31 May 2011," the prospectus notes. "Under this programme, projects are scrutinised, approved and certified by the Department of Land and Properties based on due diligence criteria."

Dubai's GDP Is 30% of UAE GDP

Dubai contributed 30% to the UAE's real GDP in 2010, or $79-billion out of the $266-billion UAE economy last year. The 30% figure has remained largely unchanged since 2007.

Within Dubai, no single economic sector contributed more than 31% to total GDP in 2010, with the largest sector being the wholesale and retail trade and repairing services sector which contributed 30.3% of the emirate's GDP.

"Other significant contributors to GDP in 2010 include the transport, storage and communications sector, which contributed AED 41.5 billion, or 14.1%, to GDP."

DED Licence Issuance Still Below Pre-Crisis Levels
Licences issued by Dubai Economic Department are rising, but have not reached pre-crisis level, except for 'professional' licenses. Presumably these were expats and nationals who chose to start their own businesses.

Exactly 1,352,248 people were employed in Dubai in 2009, with an unemployment rate of 0.8%.

Hospitality Revenues Are Growing
Dubai has 382 hotels, which generated AED 11.3-billion in 2010, compared to AED 10.6-billion in 2009. Dubai hotels generate 3.7% of the emirate's GDP.

Number Of DIFC-Registered Companies Declined
DIFC saw the number of registered companies fall from 859 in 2009 to 792 in 2010. During the year, 113 new companies set up shop in DIFC - which means that 46 DIFC-registered companies left the DIFC in 2010.

Dubai's Total Trade Has Not Reached Pre-Crisis Levels Yet

"Dubai's principal merchandise imports in 2010 were semi-precious stones, precious stones and imitation jewellery (accounting for approximately 34.3% of total imports) and machinery, electrical and electronic equipment (accounting for approximately 18.1% of total imports)," the prospectus notes.

The emirate's trade flows are heavily geared towards Asia. India is the largest export and re-export market for Dubai. The prospectus makes no mention of Iran's trade with Dubai, which is presumably significant.

The Stock Market Index Fell Of A Cliff (We Know, But Still It's Quite Graphic To Revisit)
The Dubai stockmarket's decline is well-dcoumented, but it is still stunning to look at in a set of tables:

It's Official: Dubai Government Debt Is AED115.4Bn ($31.4Bn)

The Dubai Government's total debt stood at AED 115.4-billion as at May 20, 2011, or 39% of 2010 real GDP.

The prospectus notes that this debt includes funds borrowed by the Government of Dubai to finance:
the expansion of Dubai International Airport;
(ii) the first phase of the construction of Al Maktoum International Airport;
(iii) other infrastructure projects in Dubai;
(iv) borrowings by ICD itself but not of any of its subsidiaries or other group companies; and
(v) related party debt from the Abu Dhabi Government and the Central Bank of the UAE for the DFSF and the restructuring of the Dubai World Group.