gulfnews : Developers keep bonds on hold in deflated market

The UAE's developers and contractors may struggle to tap the bond market until a glut of homes that's weighing on prices is sold off.

Arabtec Holding, the country's biggest construction company, mall-developer Majid Al Futtaim Group and Abu Dhabi's Tourism Development and Investment Co. were forced to delay plans to issue bonds.

The country's non-real estate companies raised about $9 billion (Dh33 billion) from debt sales as yields on Gulf bonds slid to a record 4.55 per cent, the HSBC/Nasdaq Dubai GCC Conventional US Dollar Bond Index shows.

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