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  • Middle East Unrest Update

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    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
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    Benson Fu on Shahram Zadeh against Al Fajer…
    Monika on RERA – Dubai mulls cance…
    Ali Varahram on Shahram Zadeh against Al Fajer…
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  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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  • RSS ZDF Heute Germany

    • Untitled
    • Live: Zahlen, Analysen, Reaktionen
      Zahlen, Reaktionen, AnalysenDie Bundestagswahl ist vorbei, die Zahlen liegen auf dem Tisch. Der Bundestag wird sich verändern. Die Republik wird sich verändern. Analysen und Reaktionen zur Wahl im ZDF spezial. Hier im Livestream.24/7 ZDF Livestream ZDFspezialInteraktiv WahltoolVideo Schulz schließt Große Koalition ausVideo Merkel: Sind stärkste Kraft
    • AfD bietet weder Diagnose noch Therapie
      GastkommentarMit dem Allerweltswort "historisch" kommentieren viele den Ausgang der Bundestagswahl. Allerweltsvokabeln beschreiben freilich nur, was längst vollzogen ist. Der Prozess zum Einzug einer Rechtsaußen-Partei in den Bundestag hat lange vor Gründung der AfD begonnen.Interaktiv WahltoolVideo Stimmungen der Parteien
    • Lindner: Werden Lücke in der Mitte füllen
      Liveblog zur Bundestagswahl"Wir freuen uns über unser Comeback", sagt FDP-Chef Christian Lindner in der Bundespressekonferenz. Der Platz der Mitte sei in den vergangenen Jahren im Parlament verwaist gewesen, die "FDP wird diese Lücke in der Mitte wieder füllen", so Lindner. Alle aktuellen Entwicklungen im Liveblog.Video Berliner RundeVide […]
    • Petry geht nicht in AfD-Fraktion
      Ärger nach der WahlPaukenschlag kurz nach dem Erfolg der AfD bei der Bundestagswahl: Die Ko-Vorsitzende Frauke Petry will der AfD-Fraktion im Bundestag nicht angehören. Das habe sie nach "langer Überlegung" entschieden, sagte sie in Berlin. In ihrem Statement verwies sie auf den "inhaltlichen Dissens" in ihrer Partei.Video Petry geht nich […]
    • Tauber: "Strategische Ziele erreicht"
      CDU nach der WahlTrotz der deutlichen Verluste der CDU bei der Bundestagswahl habe man die "strategischen Wahlkampfziele erreicht", sagt der CDU-Generalsekretär Peter Tauber. Tauber betonte auch, dass die CDU nun "für eine offene Gesellschaft" werben wolle. (Video)
    • Riexinger: Gegen Rassismus und Nationalismus antreten
      Die Linke nach der Wahl„Die AfD biete keine Lösungen an", so Bernd Riexinger, Linken-Parteivorsitzender. Dies wolle die Linke deutlich machen und Rassismus und Nationalismus konsequent entgegentreten. (Video)
    • "Bitterer Sieg" für Merkel
      Internationale Reaktionen nach der WahlHerbe Verluste für die großen Parteien, der Einzug der AfD als drittstärkste Kraft in den Bundestag: EU-Politiker nennen das Wahlergebnis einen "Schock". Die französische Regierung sieht den Ausgang der Wahl als einen "bitteren Sieg" für Kanzlerin Angela Merkel. China und Russland hoffen auf Kontinui […]
    • "Wo leben wir?" - "In Kaltland"
      Reaktionen im NetzEntsetzen hier, Euphorie dort - dazu wüste Beschimpfungen auf beiden Seiten: Der Einzug der rechten AfD in den Bundestag sorgt in sozialen Medien für heftige Debatten. Viele fürchten Populisten und Radikale in den Reihen der Partei. AfD-Anhänger lassen ihren Machtfantasien freien Lauf.Video Reaktionen im NetzVideo China erleichtertVideo Was […]
    • Wie geht es nach der Wahl weiter?
      BundestagswahlDie Würfel sind gefallen, die Stimmen ausgezählt. Die wichtigste Frage für die Parteien ist nun, welche Mehrheiten für eine Regierungsbildung rechnerisch möglich sind. Ziel ist eine Regierungsbildung noch vor Weihnachten. Ein ambitioniertes Vorhaben. Was heute noch ansteht hier im Überblick.Video Koalitionsüberlegungen
    • Live: Die Parteien nach der Wahl
      Stellungnahmen und AnalysenNach der Bundestagswahl sind viele Fragen offen. Die Parteien treffen sich am Tag nach der Wahl zu ersten Analysen und Stellungnahmen. Hier im Livestream alle Pressekonferenzen der Sieger und Verlierer. (Video)
    • AfD bietet weder Diagnose noch Therapie
      Forschungsgruppe Wahlen61,5 Millionen Menschen konnten über den neuen Bundestag bestimmen. Je nach Beruf, Geschlecht und Wohnort gab es deutliche Unterschiede, wie gewählt wurde. Viel mehr Männer als Frauen machten ihr Kreuz bei der AfD. Auch die Unterschiede zwischen Ost- und Westdeutschland sind enorm.Interaktiv WahltoolVideo Stimmungen der Parteien
    • "Seniler Greis" gegen "Raketenmann"
      Zwischenbilanz der UN-GeneraldeatteDie erste Woche der UN-Generalversammlung ist vorbei, die globalen Krisen schwelen weiter, in Syrien und Jemen, Burundi und Südsudan, Venezuela und Myanmar. Schlagzeilen machte vor allem einer der 193 Regierungschefs in New York: Donald Trump.Video Guterres gegen KlimawandelVideo Trump und die Vereinten NationenVideo Nuklea […]
    • Mehrheit der Berliner für Weiterbetrieb von Tegel
      Volksabstimmung über FlughafenDie Berliner wollen den über Jahrzehnte lieb gewonnenen Flughafen Tegel behalten. Das Ergebnis der Volksabstimmung war erwartet worden. Der Vorsprung fällt jedoch kleiner als noch vor Monaten. Wirklich viel zu sagen hat das Volk in dieser Frage jedoch nicht.Video Tegel wird attraktiverVideo Tegel-Volksentscheid
    • Bayer überholt HSV - Köln holt ersten Ligapunkt
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    • "Berufsausbildung muss praxisnäher werden"
      Schon wieder Montag ...Mit der 2013 beschlossenen EU-Jugendgarantie sollte jeder Arbeitslose unter 25 Jahren spätestens nach vier Monaten einen Job, eine Ausbildung oder ein Praktikum bekommen. Dieses Ziel ist nicht erreicht worden. DIW-Experte Karl Brenke erklärt, warum.Video Junge Arbeitslose in Italien
    • Untitled
    • Kurden stimmen über Unabhängigkeit ab
      25.09.17 12:57 | Im Nordirak hat am Montag das umstrittene Referendum über die Unabhängigkeit der kurdischen Autonomieregion begonnen. Bei dem Volksentscheid wird mit einer überwältigenden Zustimmung für die Unabhängigkeit gerechnet. Das Ergebnis ist aber nicht bindend und dürfte nicht direkt zur Abspaltung der Region führen. Die Zentralregierung in Bagdad, […]
    • Seehofer will an Fraktionsgemeinschaft mit CDU festhalten
      25.09.17 12:40 | CSU-Chef Horst Seehofer will an der Fraktionsgemeinschaft von CDU und CSU im Bundestag festhalten. Er halte es nicht für den richtigen Weg, diese aufzukündigen, sagte Seehofer nach Informationen der dpa am Montag in einer CSU-Vorstandssitzung. Man müsse aber darüber im Vorstand entscheiden. Die Fraktionsgemeinschaft aus CDU und CSU muss zu B […]
    • Nach Erdbeben in Mexiko: Erste Schulen öffnen wieder
      25.09.17 12:07 | Nach dem Erdstoß in der vergangenen Woche werden vorerst nur 103 von fast 9000 Schulen in Mexiko-Stadt wieder öffnen. Es werde vermutlich noch Wochen dauern, bis alle Schulgebäude begutachtet seien, sagte der mexikanische Bildungsminister Nuno. In Mexiko-Stadt sind noch immer Retungskräfte im Einsatz, um nach Toten zu suchen. Die Hoffnung au […]

Archive for November 29th, 2009

Dubai Financial Crisis – Actual News Dubai Debt Problems

Posted by 7starsdubai on November 29, 2009


Telegraph UK 29 November 2009

Abu Dhabi will not race to Dubai`s rescue

Sheikh Mohammed of Dubai is under mounting pressure to explain the emirate’s debt problems, after Abu Dhabi indicated that it will not write a blank cheque to bail out its neighbour.
read more

From Bloomberg 29. November 2009
Samsung C & T stops Dubai Bridge Work as Nakheel halts payments

Wall Street Journal 29.November 2009
DUBAI (Zawya Dow Jones)–Debt-laden Dubai World’s unit Jebel Ali Free Zone Authority, or Jafza, faces on Monday a coupon payment on a 7.5 billion U.A.E dirham ($2.04 billion) Islamic bond in the first key test of whether it will default.

The Islamic bond, or sukuk, was issued in November 2007 through a Cayman Islands-registered company called JAFZ Sukuk Limited and pays 130 basis points over the six-month Emirates Interbank Offered Rate, according to Zawya.com.

The coming coupon payment is estimated to be between AED125 million and AED135 million, according to analyst calculations.

Spokespersons for Dubai World declined to comment on the payment Saturday, a holiday in the U.A.E. The Jafza sukuk is the first payment due for a Dubai government-related entity since the restructuring announcement Wednesday, which sent global markets and banks into a panic before the weekend.

Dubai World’s request for a standstill will include a key $3.52 billion bond owned by Nakheel, the developer behind Dubai’s palm-shaped islands, that matures on Dec. 14.

Payments on the sukuk are made semi-annually, on May 27 and Nov. 27. Bankers said that payment is due on Monday, since Nov. 27 fell on a weekend in the U.A.E.

Barclays Capital, Deutsche Bank, Dubai Islamic Bank, and Lehman Brothers acted as joint lead managers and joint bookrunners, according to the bond prospectus. The sukuk is due November 2012.

Jafza operates a free trade zone and industrial parks in the port town of Jebel Ali, outside of the city of Dubai, and is a unit of Economic Zones World, or EZW. EZW is operated by Dubai World.

S&P and Moody’s downgraded Jafza and other Dubai government related-entities Wednesday, after Dubai World said it would restructure and ask for a standstill on all debts until at least May 2010. S&P placed Jafza on creditwatch with negative implications. Moody’s downgraded its issuer and debt ratings to Ba1 from Baa1.

Seoul officials meet to cope with Dubai debt crisis 29. November 2009

South Korea’s financial authorities were to convene a meeting later on Sunday to gauge the fallout from the Dubai debt crisis and discuss countermeasures to stave off any possible impact on the nation’s financial markets, officials said…… read more

Telegraph UK 29. November 2009

Tim Clark, president of Emirates Group, has said the Dubai business community is “shocked” by the financial crisis.

read more…

Telegraph UK 29. November 2009

Dubai an Emirate in crisis

…..Dubai is in trouble. We already knew that, long before the announcement last week that it wanted to delay payments on billions of dollars of debts owed by its Dubai World (DW) state holding company. But the trouble caused by a collapse in the property market put the city on a par with other states around the globe. This announcement was of a different order. It damaged the credibility of the city’s government and, by extension, the United Arab Emirates (UAE) as a whole. ….
read more

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