As part of Operation Chivalrous Knight 3, food, shelter tents, and basic supplies were provided to Palestinian families
As part of its commitment to repay creditors, Dubai World is planning to raise as much as $19.4 billion by disposing of some of its assets over a period of eight years, and seeking an agreement by October 1, Reuters news agency reported on Wednesday, quoting a document.
Emaar Properties, the developer of the world’s tallest skyscraper in Dubai, advanced the most in more than a month and closed at Dh3.3. Emirates NBD, the UAE largest bank by assets, rose the most since August 23 to Dh2.47.
The Dubai Financial Market (DFM) benchmark index jumped 0.85 per cent, the most since August 17, to 1,497.47, bringing the weekly gain to 0.4 per cent. The bourse recorded a trading volume of 50 million shares valued at Dh88 million as 1,227 trades changed hands.
“News regarding Dubai World is being taken well by local investors and they are piling in to make a quick turn,” said Dubai-based Julian Bruce, director of equity sales at EFG-Hermes Holding SAE. “The reports are an indication of progress.”
Dubai World, which is seeking to alter the terms on $14.4 billion of bank debt, would probably get $10.4 billion if it sell the assets now and as much as $19.4 billion in eight years, a person with knowledge of the matter told Bloomberg.
Dubai World and a group of its seven biggest lenders that are negotiating on behalf of about 70 creditor banks agreed on these asset values, the person said, declining to be identified.
“There is a kind of a relief in the market after the details were released by Reuters, as if people worried things were worse,” Mohammed Yasin, chief executive of Shuaa Securities said.
“I didn’t see anything to frighten me. If anything, it shows that it was well planned and Dubai World is serious in paying the debt back.”
Other analysts said the document, which revealed that Dubai World is prepared to sell its prized assets to repay creditors, was already discounted in the market.
“Although it wasn’t public, investors big enough to impact the market have known this since end of July when the meeting occurred,” said Jalal Faruki of Al Mal Capital. “My bet is that it is largely priced in — action in credit markets supports that theory.”
Abu Dhabi’s ADX General Index advanced 0.2 per cent to 2,500.62 points. Aldar Properties ended 6.7 per cent higher and accounted for nearly half of the volumes on the UAE capital’s benchmark.
The ADX recorded a trading volume of 74 million shares with a value of around Dh150 million.
As part of Operation Chivalrous Knight 3, food, shelter tents, and basic supplies were provided to Palestinian families
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