A $16 billion debt restructuring of Dubai developer Nakheel will not help prevent a slump in third-quarter earnings of property firms in the United Arab Emirates, as they face a host of challenges amid little inroads being made to fresh property sales.
Real estate firms in UAE were hit hard by the global financial crisis in 2008 with property prices dropping by about 60 per cent from its peak.
Nakheel, the developer at the epicentre of the crisis, concluded its restructuring in August and issued the first tranche of a Dh4.8 billion Islamic bond to trade creditors exposed to the company's debt.
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