Dubai International Receives Debt for Alamtis Financing
Sources have revealed that Dubai International Capital LLC has received $335 million of underwritten debt financing. The Company would use this money to repay the German alumina-product maker lenders. Dubai International is trying to keep its control on Almatis.
DFM Posts a Decline in Net Profit
In the second quarter results announced by Dubai Financial Market Co. it has revealed a decline of 80% in the net profit. It has confirmed that these figures have reached 25.9 million U.A.E. dirhams ($7 million) in the latest quarter. It reported a net profit of AED128.3 million last year in the same quarter. It stressed that profits were mainly down due to the lower levels of trading.
Analysts had expected these figures to be between AED30 million and AED31.6 million.
Dubai Residents Left in Sweat by Nakheel
The Dubai World construction unit, Nakheel PJSC may have to depart the residents without air conditioning as it hasn’t agreed to foot the bill, whereas it earlier received the state cash to shell out to contractors and suppliers.
Emirates Finance Chief Says Restructuring Not Required in Financial Recovery of Dubai
Emirates' Finance Chief exclaimed this Saturday exclaimed that Dubai will be able to recover from the latest troubles easily. He added that much restructuring will not required. His statement came in the wake of a request being sent to him for extending the repayment of the debts by an inv4estemrn company.