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.

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.

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 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.

Colliers International revealed that the prices that rose 2 percent in the first quarter will be pressurized by the completion of a number of new homes in Dubai later this year.

Colliers estimated that 41,000 residential units will enter the market by the end of 2010. It is a global real-estate-services firm. Colliers shared that the house prices in the first quarter were on equivalence with 2007 levels, escalating to 1,061 dirham a square foot from 1,037 dirham, a year earlier.

In a development that may be seen as a booster for Dubai's dwindling residential property market, the Colliers International Q1 2010 House Price Index has witnessed a 4% increase in house prices since Q4 2009. Also, it is the third consecutive quarter in which the index has registered an overall rise.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai's Supreme Fiscal committee stated that a contract between creditors and state-owned corporation, Dubai World may be finalized within a span of two weeks.