Dubai tries to express its strong fundamentals through restructuring
Abdulrahman al Saleh, Director General of the Dubai finance department is optimistic about the success of Dubai's proposed $9.5 billion restructuring plans. The restructuring plans involve repaying property unit Nakheel's 2010 and 2011 bonds in full and on time. Government proposes to pay 40 per cent of claims to Nakheel's trade creditors by cash while 60 per cent of claims are to be converted into Islamic bonds.
The restructuring plans, however, would add delay of five to eight years for other lenders having exposure in the crisis ridden Dubai World that shocked the entire World by announcing standstill on its debt obligation in November last year.
Meanwhile, Dubai may roll back its plans to raise fresh funds from neighbor Abu Dhabi, apparently to show the investors that Dubai's economic fundamentals are still strong and it can withstand troubles without availing help from Abu Dhabi which owns over 90 % of the United Arab Emirates' oil wealth.
New Zealand News
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