Dubai’s benchmark index declined the most in almost two weeks, led by Emaar Properties PJSC and Dubai Financial Market, on investor speculation that yesterday’s gains outpaced growth prospects in the debt-laden emirate.
Emaar, the developer of the world’s tallest tower that opens today, dropped 3.4 percent after surging the most in three weeks yesterday. DFM, the only Gulf bourse to sell shares to the public, fell the most since Dec. 29. Dubai’s DFM General Index lost 2.6 percent, the biggest retreat among global benchmark indexes tracked by Bloomberg, to 1,817.13. The measure jumped 3.4 percent yesterday.
“Its only natural to see profit-taking at the end of a few strong sessions,” said Ahmad Shahin, equity strategist at Shuaa Capital PSC in Dubai. “Stocks have been rallying mainly on positive sentiment related to the anticipation of the opening of the Burj Dubai.”
Monday 4 January 2010
Dubai World subsidiary makes payment
DP World, a subsidiary of debt-laden state-owned holding company Dubai World, said it had paid regular coupon and profit obligations tied to a sukuk and a bond issue on time.
The ports operator, one of the largest in the world, and listed on Nasdaq Dubai, said it had distributed profit for the 180-day period on its $1.5 billion sukuk issue due in 2017, according to a statement on the bourse website today.
The profit rate was 6.25 per cent for a payout of $46.9 million.
The ports operator, one of the largest in the world, and listed on Nasdaq Dubai, said it had distributed profit for the 180-day period on its $1.5 billion sukuk issue due in 2017, according to a statement on the bourse website today.
The profit rate was 6.25 per cent for a payout of $46.9 million.
Savvy financing behind Burj, worlds' tallest building (Interview)
Is it time for a victory march?
Victory is too strong a word. It’s more emotion. It’s emotional because it helps this city in being recognised. And emotional because we’ve learned so much going through this journey with all the mistakes we had as well.
How has Emaar avoided the debt problems that have tripped other Dubai companies?
The disciplines of being a public company I think have saved us. Our board has also done a lot of good work. There’s a lot of deliberation, a lot of debate, a lot of disagreement, just for the sake of the company. We have a lot of senior management who’ve gone through the 1997 crisis. They hate borrowing.
Victory is too strong a word. It’s more emotion. It’s emotional because it helps this city in being recognised. And emotional because we’ve learned so much going through this journey with all the mistakes we had as well.
How has Emaar avoided the debt problems that have tripped other Dubai companies?
The disciplines of being a public company I think have saved us. Our board has also done a lot of good work. There’s a lot of deliberation, a lot of debate, a lot of disagreement, just for the sake of the company. We have a lot of senior management who’ve gone through the 1997 crisis. They hate borrowing.
Alabbar is a towering Dubai figure
“I’m like a child,” he said, looking out from his office near the foot of the Burj Dubai. Visitors to the tower, he said, might even spot him standing among the crowds, looking upwards and marvelling. “I say, ‘Oh my God. I can’t believe we did this.’”
The Burj Dubai’s scheduled opening today marks not only a record-setting triumph of engineering but a watershed in Dubai’s whirlwind economic development. The building culminates an explosive, debt-fuelled tear of growth that was derailed by the global financial crisis, but not before establishing a once-sleepy port town as the pulsing, cosmopolitan centre of an increasingly dynamic region.
Groups eye fees in Dubai World fallout
Bankers, lawyers and accountants are eyeing opportunities to secure their piece of what some estimate could be more than $100m in fees generated from the fallout in wrangling over Dubai World’s $22bn debts.
In the days before Christmas, dozens of bankers, accountants and lawyers jetted off to the Gulf for the indebted conglomerate’s first all-creditor meeting in Dubai, in the first step of what is expected to be the biggest restructuring of 2010.
KPMG and Allen & Overy have secured the most recent appointments, confirmed in the days ahead of the December 21 meeting, as financial and legal advisers respectively to a six bank steering committee, which will lead negotiations with Dubai World on behalf of other bank creditors.
In the days before Christmas, dozens of bankers, accountants and lawyers jetted off to the Gulf for the indebted conglomerate’s first all-creditor meeting in Dubai, in the first step of what is expected to be the biggest restructuring of 2010.
KPMG and Allen & Overy have secured the most recent appointments, confirmed in the days ahead of the December 21 meeting, as financial and legal advisers respectively to a six bank steering committee, which will lead negotiations with Dubai World on behalf of other bank creditors.
World's tallest tower provides lift for Dubai
Dubai today will open the world's largest tower as the city seeks to revitalise its economy after 2009's annus horribilis was capped by a debt crisis and a second $10bn bail-out loan from neighbouring Abu Dhabi.
The government hopes the unveiling of the 160-plus storey structure will pierce the cloud that has lingered over Dubai since it was forced to accept further financial support from the capital of the United Arab Emirates and investors turned their backs on the city, once the darling of international finance.
Sheikh Mohammed bin Rashid Al Maktoum, after navigating the worst crisis in his four years as ruler of Dubai, will lead a day of celebrations to unveil the residential, hotel and office building, which offers views across the Gulf to Iran.
The government hopes the unveiling of the 160-plus storey structure will pierce the cloud that has lingered over Dubai since it was forced to accept further financial support from the capital of the United Arab Emirates and investors turned their backs on the city, once the darling of international finance.
Sheikh Mohammed bin Rashid Al Maktoum, after navigating the worst crisis in his four years as ruler of Dubai, will lead a day of celebrations to unveil the residential, hotel and office building, which offers views across the Gulf to Iran.