Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
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' Economy Minister Sultan Bin Saeed al-Mansoori said Wednesday that a $2.7 billion deal to restructure the debt and finances of Shariah-compliant mortgage provider Amlak Finance PJSC had been completed, the last of Dubai's major debt negotiations. Amlak, partly owned by Emaar Properties PJSC, brings to at least seven the entities that have been reorganized since holding company Dubai World roiled markets in 2009 when it sought a debt standstill on more than $25 billion.Amlak's debt restructuring ended amid a resurgent property market. While the first round of negotiations has concluded for Dubai entities, some are poised to revisit their debt deals.
FOLLOW THIS ARTICLE