26 Mar 2010
(MENAFN) Dubai government announced that it will inject up to $9.5 billion into the debt-laden Dubai World conglomerate, with a proposal to give creditors their money back in 5 to 8 years and repay two key bonds, Reuters reported.
According to the government’s statement, the proposal includes giving bank lenders new debt covering the $14.2 billion they are owed, and repay in full Dubai World unit Nakheel’s 2010 and 2011 bonds. The proposal calls for no new funds from Abu Dhabi, Dubai’s wealthier neighbor, which bailed out the emirate last year.
However, Dubai’s government will get access to the $5.7 billion remaining from Abu Dhabi’s earlier $10 billion lifeline and pay for the rest of the cash injection itself.
Dubai said that it will pump as much as $8 billion into Nakheel, with a $1.2 billion debt-for-equity swap, in a bid to take the property developer off Dubai World’s hands and place it with the government directly. It said that it will also inject $1.5 billion into Dubai World as part of a recapitalization that would include an $8.9bn debt-for-equity swap.
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more