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    • 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
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Outlook in concrete- Dubai World `s obligations and Debts

Posted by 7starsdubai on December 14, 2009


original source Blogs The National by Wayne Arnold

In response to queries, I’m revisiting an earlier post: “Reports of my debt have been greatly exaggerated,” in which I posted estimates of Dubai World’s real debts after its revelation that it had $59 billion in consolidated liabilities. This terrifying number sparked some to wonder if the treadworn estimates of Dubai Inc.’s $80 billion in debts might actually be higher or that Dubai World’s debts may somehow account for half of the total.

The grand total for Dubai World and its units appears to be $36.49bn, of which $26bn is subject to restructuring.

Strictly speaking, no one knows for sure. Dubai and its subsidiary companies do not publish official debt tallies or debt repayment schedules. But thanks to the diligent work of analysts at EFG-Hermes, Deutsche Bank and Standard & Poor’s, just to name a few, here’s what we know, or at least think we know:

Dubai World has
$59.3bn in consolidated liabilities,
according to its own statements, which includes all debt and non-debt obligations at the conglomerate, its 12 subsidiaries and the 78 other units they own or control.

Of this, the group owes an estimated
$10.52bn in bonds and
$13.3bn in loans, for a total of
$23.82bn, according to Deutsche Bank.

But clearly this leaves out significant portions of the Group’s overall debts, because Dubai World has announced that the restructuring will affect $26bn in debt, $20bn at Dubai World and Limitless, and $6bn at Nakheel.

Deutsche bank has been able to track down only a portion of these.
Dubai World, it estimates, owes
$5.5bn in outstanding loans
EFG-Hermes has put the loan figure at $6.7bn.

Nakheel owes
$5.23bn in bonds and
$1.85bn in loans for a total of debt of
$7.08bn.

Limitless owes
$1.2bn in loans

That only adds up to $13.78bn, leaving $12.22bn in debt unaccounted for.

If we assume that the total debts at Dubai World, Nakheel and Limitless are $26bn and add Deutsche Bank’s estimates for the other Dubai World units, we come up with a total group debt of $36.49bn.

Here’s a schedule of maturies for the Dubai World group debts we know about:
Dec. 14: Nakheel’s $3.52bn sukuk is due, though Dubai World has said it plans to ask creditors for a six-month extension.
March 31, 2010: Limitless due to repay $1.2bn loan
May 13: Nakheel due to pay Dh3.6bn in bonds
[May14: if it wins an extension on its 12/14/09 bonds, Nakheel would have its $3.52bn sukuk to repay this day.]
June 23: Dubai World due to pay $2.1bn loan
Nov. 1: Nakheel due to pay Dh367.35mn loan
Jan. 11, 2011: Nakheel due to pay $1.2bn loan
Jan. 16, 2011: Nakheel due to pay $750mn bond
Feb. 23, 2011: DP World due to pay $6.3bn loan
Feb. 23, 2011: DP World due to pay $200mn loan
March 22, 2011: Ports Customs and Free Zones due to repay $6.8bn loan (unclear whether this is still a Dubai World liability)
April 12, 2011: DP World due to pay $400mn loan
April 12, 2011: DP World due to pay $6.8bn loan
June 20, 2011: Dubai World due to repay $450mn loan
June 24, 2011: Dubai World due to repay $1.95bn loan
July 10, 2011: Ports Customs and Free Zones due to repay $1.003bn loan
Aug. 10, 2011: Dubai Drydocks due to pay $1.7bn loan
Sept. 29, 2011: Ports & Free Zone World due to pay $150.027mn loan
Sept. 29, 2011: Ports & Free Zone World due to pay $853mn loan
Sept. 30, 2011: Dubai Drydocks due to repay $2.2bn loan
Oct. 21, 2011: Dubai Drydocks due to repay $1.7bn loan

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One Response to “Outlook in concrete- Dubai World `s obligations and Debts”

  1. Dane said

    It is fine for Anwar Abdulrahman to attack a British journalist, who called on Shaikh Mohammed bin Rashid Al Maktoum to stand down as Ruler of Dubai.

    However, both Mr Abdulrahman and the journalist are missing the point: it really doesn’t matter who is in charge of Dubai as there is nothing anybody can do to rescue the place from disaster.

    Everyone seems to be saying that the media are exaggerating Dubai’s problems, but the current issue about not repaying debts is only a tiny part of the problem. Dubai’s total reported debt of $80 billion has all been spent. It’s all gone.

    There is no large bundle of cash hidden away in Shaikh Mohammed’s safe, ready to be rolled out if the need arises.

    Dubai therefore needs a huge injection of fresh capital merely to get all the projects which have been put on hold started again.

    Knowing what we have found out in the last two weeks, who would trust Dubai again with fresh loans?

    Abu Dhabi will not lend money to Dubai, because it knows Dubai will never be able to repay it.

    This leaves a fire sale of assets as Dubai’s only chance. A merger of Etihad with Emirates (which will actually be a takeover by Etihad) will be just a small but obvious early step to take.

    Investors who have seen their capital disappear like sand in the breeze will never trust Dubai with their money again. Nor will investment bankers and corporate financiers.

    If you still have investments in Dubai, write them off. Nobody will buy them back from you, as they will continue to depreciate in value.

    Dubai is a busted flush. It’s a shame, as it was a wonderful and exciting place to live and work for a few years. But that’s all gone now, and its future is as nothing more than a tourist curiosity, with bus loads of visitors being taken out into the desert to take pictures of ‘unfinished Dubailand’, ‘unfinished Bawadi’, etc.

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