"Dubai Holding and its entities will meet their financial obligations in full and on the maturity date," a Dubai Holding spokesperson told news agency Zawya Dow Jones when asked about the Sama Dubai debt maturing next week.
Sama Dubai, the real estate investment arm of Dubai Holding, raised the $300 million three year loan facility in Sept. 2006 with a consortium of eight banks to finance its property projects.
Emirates Bank International was the mandated lead arranger, underwriter and book runner for Sama Dubai's syndicated loan.
Abu Dhabi Commercial Bank, Arab National Bank, Bank Saudi Fransi, Commercial Bank of Dubai, National Bank of Fujairah, Dubai Bank, and Bank Muscat SAOG were participating banks.END
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Hello. Even though I am from Canada, therefore, I don't know much about the Middle East I would like to say that people really should be careful with taking all those loans. The more loans we take the more in debt we are and we will never get through the financial crisis.
ReplyDeleteTake care,
Elli
Hi Elli,
ReplyDeleteAlas the western leverage model found a passionate follower in Dubai; fortunately UAE is a federation, so support is available from Abu Dhabi, who have the lions share of the oil reserves.
Rupert