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Dubai Hasn’t Drawn $4 Billion from Abu Dhabi Banks |
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February 24th, 2010 |
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Dubai, which borrowed $5 billion from Al Hilal Bank and the National Bank of Abu Dhabi PJSC in November, hasn’t used the $4 billion still available, Al Hilal Bank said.
The emirate, home to the world’s tallest tower and man-made islands, sold the $5 billion in bonds equally to NBAD and Al Hilal, Dubai’s Department of Finance said Nov. 25. It drew down $1 billion initially, split between a conventional bond to NBAD and an Islamic bond to Al Hilal. Dubai World, the state-owned holding company, is seeking to restructure $22 billion of debt.
“The remaining $4 billion will be subscribed later,” said Mohamed Berro, chief executive officer of the Abu Dhabi government-owned bank, in the emirate today. He said he doesn’t know when the remaining funds will be used.
Berry said his bank has not been approached by either the Dubai or Abu Dhabi governments for more financing. “No one is denying there are some issues in Dubai which they have clearly and openly exposed,” but no one is looking at their strength, said Berro. “The emirate says they want to restructure their debt, they didn’t say they won’t pay it back.”
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Source: www.businessweek.com |
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