Dubai Cures Debt Hangover Sealing $2.7 Billion Amlak Deal - Bloomberg:
"Dubai, the Middle East business hub that almost defaulted on debt in 2009, is putting the final traces of the global credit crisis behind it.
The United Arab Emirates’ Minister of Economy Sultan Bin Saeed Al Mansoori said yesterday that a $2.7 billion deal to restructure the debt and finances of Shariah-compliant mortgage provider Amlak Finance PJSC (AMLAK) had been completed, the last of Dubai’s major debt negotiations. The agreement was facilitated by the recovery in Dubai’s economy, which is poised to grow at the fastest pace since 2007 this year amid thriving trade and tourism.
“It ends an unlucky chapter,” Richard Segal, head of international credit strategy at Jefferies International Ltd., said by phone yesterday from London. “Most of the reschedulings and debt workouts were viewed to be extremely complicated to begin with, but got much easier as time went by.”"
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