Deyaar and Damas are the latest in a long line of Dubai quoted companies to agree debt rearrangements with their bankers, putting the trauma of the two-year recession that followed the global financial crisis behind them.
Yesterday it was revealed that Deyaar, Dubai’s second largest property developer had sold property and land worth $600 million to a ‘related party’ thought to be the Dubai Islamic Bank which has a 40 per cent stake in Deyaar. Dubai Government has a 30 per cent controlling stake in the DIB.
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