Dubai attracts property investors again

Dubai has again started attracting wealthy Pakistanis, who are fed up with the deteriorating law and order situation at home. — File Photo

KARACHI: Dubai has again started attracting wealthy Pakistanis, who are fed up with the deteriorating law and order situation at home and disappointed with the depressive economic growth.

Property dealers, bankers and exchange companies said millions of dollars had been transferred to Dubai during a year, while dozens of Pakistanis left the country fearing loss of life and property.ve this city to protect their life and property.

‘Debt talks with Dubai firm delayed’

JAKARTA: Indonesia’s PT Bakrieland Development, the Bakrie Group’s property arm, said on Wednesday that talks with a Dubai property firm over a $110 million strategic investment have been postponed again.

Bakrieland in 2008 agreed to sell a 30 per cent stake in its subsidiary, PT Bakrie Swasakti Utama, to Dubai World’s property arm, Limitless Holding, for $110 million but so far, the Dubai company has only paid $37 million.

Debt plan well received: Dubai finance chief

DUBAI: Dubai’s proposed $9.5 billion plan to address its embattled conglomerate Dubai World’s debt crisis has been well received, Dubai’s finance chief was quoted as saying on Friday.

Abdulrahman al Saleh, director general of the Dubai finance department, said in remarks to be aired in a television interview that the initial response was a “preliminary indication that the plan would be accepted”.

Dubai World asks for up to eight years to pay off debt

  














 Troubled group gets $9.5bn bailout from Dubai govt

DUBAI: Dubai World proposed on Thursday to repay its creditors in full by issuing two tranches of new debt maturing in five and eight years, after months of talks on restructuring sovereign liabilities that had rattled world markets.

The announcement came shortly after the government of Dubai committed to pump up to 9.5 billion dollars in further support for the troubled group, helping the emirate’s main stock market index to a 4.5 per cent rise by midday

Japanese firms slow construction of Dubai Metro

Friday, January 08, 2010
TOKYO: A consortium led by Japan’s Mitsubishi Heavy Industries has put the brakes on construction work on the Dubai Metro due to a disagreement over payments, one of the firms said on Thursday.

“We are slowing the pace of the construction for the purpose of negotiating the terms of contracts,” said Toshitaka Kawahara, a spokesman for Obayashi Corp, which is one of the constructors.

UK road maintenance co pulls out of Dubai

Saturday, December 12, 2009
LONDON: British road and infrastructure maintenance company Mouchel Group PLC said on Friday it is closing its operations in Dubai as it continues attempts to recover 10 million pounds ($16.3 million) owed by clients.

Mouchel said it is refocusing its Middle Eastern business to oil-rich Abu Dhabi, where it believes the “long term outlook is favourable and there are immediate opportunities.”

Dubai economy to rebound 2pc in 2010

Saturday, December 12, 2009
DUBAI: The economy of Dubai is expected to grow 2-3 per cent in 2010 after contracting about 2 per cent this year due to slowing real estate and construction sectors, a senior government official was quoted as saying on Friday.

Sami al-Qamzi, the head of the economic development department, told the state television the economy shrank 1.47 per cent in the first half of 2009, al-Ittihad and al-Khaleej newspapers reported.

Nakheel makes $3.65bn H1 loss

Wednesday, December 09, 2009
DUBAI: Troubled Dubai property developer Nakheel made a first half loss of 13.4 billion dirhams ($3.65 billion) as revenues fell and it wrote down the value of land and property, according to a report published on Tuesday.Nakheel, whose parent company Dubai World has requested a six-month standstill on Nakheel’s $3.52 billion Islamic bond maturing next week, had made a profit of 2.65 billion dirhams in the year earlier period, Bloomberg News reported. Revenue fell 78 per cent to 1.97 billion dirhams, the news organisation reported, citing first half financial statements. Nakheel and Dubai World officials declined comment.

Saudi banks ‘not in danger over Dubai debt’

Saturday, December 05, 2009
DUBAI: The head of the Saudi Arabian Monetary Agency said on Friday that the kingdom’s banking sector is not in danger over the Dubai World debt crisis.

“There is no danger to the banking system in the kingdom from the debt of the Dubai World group,” Mohammad al-Jasser told Al-Arabiya news channel, a day before the Saudi stock market opens after a long holiday marred by Dubai’s debt alert which sent jitters throughout global and Gulf markets.

Gulf markets steady, S&P cuts Dubai ratings

Friday, December 04, 2009
DUBAI: Gulf stock markets took a breather on Thursday, closing slightly higher after suffering heavy losses earlier in the week and suggesting that the initial shock waves of Dubai’s debt crisis are subsiding.

But in a further sign of the fallout from the shock announcement last week that Dubai World wants to halt payment on its 59-billion-dollar debt for at least six months, international ratings agency Standard & Poor’s cut the credit ratings of six Dubai government-related entities (GREs) to junk status.