On the page below you will find a selection of articles from the GSN archive. Please note that while some of the content is free to access, all items preceded by a padlock symbol (
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2010 UAE – Dubai archive
2009 UAE – Dubai archive
2008 UAE – Dubai archive
2006-2007 UAE – Dubai archive
Pre-2003-2005 UAE – Dubai archive
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| 2010 Archive – UAE – Dubai |
Dubai’s debts provoke criticism, northern emirates’ outlook mixed
Risk management report. Issue 890, 26 November 2010. more
Abu Dhabi takes an ever larger stake in Dubai Inc
Dubai’s return to the international credit market has been heralded as another sign that the commercial emirate is rebuilding confidence and balance sheets following its debt crisis. Less public is evidence that Abu Dhabi has built up a commanding position in the Dubai economy, much to Sheikh Mohammed’s discomfort
Issue 886, 1 October 2010. more
Debts weigh down Dubai as rulers talk up recovery and restructuring
Risk management report
Issue 884, 3 September 2010. more
Dubaians seek ‘dialogue’ on governance
Dubai remains firmly under Sheikh Mohammed Bin Rashid Al-Maktoum’s control; the majority of nationals still prefer to declare themselves apolitical. But quiet criticism is growing over issues ranging from corporate governance to education, according to UAE professionals and business people canvassed by GSN.
Issue 881, 16 July 2010. more
Financial turmoil stimulates dialogue for change in Dubai’s government
Sheikh Mohammed Bin Rashid Al-Maktoum might argue that the financial turmoil is over, but an increasing number of nationals are asking whether a more rigorous reappraisal of legislation and business practices is necessary for Dubai to emerge from its traumatic debt crisis as a more transparent place to do business
Issue 881, 16 July 2010. more
Sheikh Mohammed: CNN interview
Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum (MBR) has defended the UAE economy, saying it remains strong despite the global financial crisis.
Issue 880, 2 July 2010. more
No respite for Dubai as Dubai Holding real estate arm reports multi-billion dollar losses
Figures raise concerns over group’s management capabilities as well as the emirate’s continuing debt burden
Issue 878, 4 June 2010. more
Emcredit appointed
Emirates Credit Information Company has become the official body for providing credit information services in Dubai.
Issue 876, 7 May 2010. more
New emirate-focused RMR comes as Dubai reshuffles and restructures
Risk management report
Issue 875, 23 April 2010. more
Net widens in Hamas whodunnit
Dubai has responded strongly to the 20 January killing in the Al-Bustan Rotana Hotel of Hamas official Mahmud Al-Mabhuh. There are various accounts of the murder, which happened within hours of Al-Mabhuh’s arrival in Dubai; the most common has it that he was electrocuted then strangled. Fingers were immediately pointed at Israel’s Mossad.
Issue 871, 12 February 2010. more
Warning to ministers
Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum has warned his cabinet that it is under constant scrutiny. Speaking at a cabinet retreat in Liwa, MBR urged ministers to work harder to serve their nation and their people, and warned that those who were “arrogant” would face “changes”.
Issue 871, 12 February 2010. more
UAE needs to focus on transparency
It would be hard to tell there was a Dubai financial crisis, with the UAE’s bank reporting season in full swing. On the face of it, results so far suggest there is better news coming out of Dubai than Abu Dhabi, but consideration of UAE financial risk may be better based on transparency rather than good news.
Issue 871, 12 February 2010. more
Old hands for Dubai’s new committees
Dubai has established five new committees in an effort to climb out of its financial crisis. The committees are headed by conservative Dubai figures, underlining the emirate’s perception that appointing establishment figures to key jobs will help restore international confidence.
Issue 870, 29 January 2010. more
Middle East risk indicators – creditor attitudes after Dubai crisis
Trade finance and insurance trends are changing as a result of the emergence in 2009 of major debt events in Gulf Co-operation Council (GCC) countries. Bankers and insurers have increasingly cited a moral hazard in dealing with trade finance risks in the GCC, and one year after the global downturn derailed Dubai’s explosive growth, its largest corporate entity, the state-owned Dubai World, announced in November that it was suspending payments on some $26bn of its $59bn or so of outstanding obligations.
Issue 870, 29 January 2010. more
Abu Dhabi responds to Dubai default, difficult recovery to come
Risk management report
Issue 869, 15 January 2010. more
TOP
| 2009 Archive – UAE – Dubai |
Dubai World: $4bn down, (at least) $56bn to go
As lenders decide whether to approve Dubai World’s $26bn debt standstill request, many questions remain – not least over other entities, the legal case and wider impact on the region
Issue 868, 18 December 2009. more
Also see Issue 868, 18 December 2009. Breakdown of ‘Dubai Inc’ debt (before 14 December Nakheel sukuk repayment)
The Dubai crisis has put relations with Abu Dhabi under the spotlight – and the fallout will be huge
The genesis of the crisis, and the confused and opaque manner with which it has been handled, raises questions about the viability of traditional ruling models without the support of sovereign state institutions and accountability. Meanwhile, the delicate balance of Abu Dhabi-Dubai relations has shifted again
Issue 867, 4 December 2009. more
Anger and denial mark this phase of Dubai’s debt crisis as investors ask how much more is to come
Markets quaked following the ‘bombshell news’ that $26bn of Dubai World’s debt had been put on standstill. Dubai, the UAE authorities and some western commentators reverted to their default position, arguing that markets over-reacted and that all was really very well, but the default may have revealed only the tip of an iceberg that hides more over-leveraged government-related entities with poor investment strategies, faulty business models and weak management
Issue 867, 4 December 2009. more
Also see Issue 867, 4 December 2009. Investors organise, vultures circle; Local exposure to Dubai entities
What has yet to emerge from the crisis?
Many critical questions remain to be answered as the Dubai crisis unfolds.
Issue 867, 4 December 2009. more
Weighing up international banks’ exposure to Dubai and wider UAE
Figures are starting to emerge for the extent of creditors’ exposure to Dubai and its government-related entities. The Wall Street Journal (WSJ) reported that European banks have some $83.7bn-worth of UAE exposure, including UK-based banks with $49.5bn, French banks with $11.3bn, German with $10.2bn, Dutch with $4.7bn, Swiss banks with $4.3bn, Italian and Belgian banks together with $3.2bn.
Issue 867, 4 December 2009. more
Abu Dhabi political outlook on negative trend, Dubai finances downgraded
Risk Management report
Issue 867, 4 December 2009. more
London meetings
UAE prime minister and Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum has made an official visit to London. He was accompanied by a large entourage, including Dubai deputy ruler Sheikh Maktoum Bin Mohammed, foreign minister Sheikh Abdullah Bin Zayed Al-Nahyan, Dubai Civil Aviation chairman and Emirates head Sheikh Ahmed Bin Saeed Al-Maktoum, cabinet affairs minister Mohammed Al-Gergawi and the new Dubai International Financial Centre head Ahmed Humaid Al-Tayer.
Issue 867, 4 December 2009. more
Downturn’s all over now, federation united, MBR says
The worst of the economic downturn is over, Dubai’s ruler said as he joined a chorus of Emirati voices emphasising federal unity – which may be significant after months of speculation over relations between Abu Dhabi and Dubai.
Issue 865, 20 November 2009. more
Emirates’ balance of power affected by crisis
Dubai and other emirates may be talking up the apparently limited impact of the global economic crisis and triumph of federal unity, but many analysts believe the fallout from the credit crunch will further alter inter-emirate relations.
Issue 865, 20 November 2009. more
Emirates airline bond issue sets benchmark
Export-Import Bank of the United States’ support for a bond issue by Dubai’s Emirates airline has set a benchmark for a series of Ex-Im Bank-guaranteed aircraft financings that will be funded in the capital markets, providing increased capacity for aircraft purchasers.
Issue 865, 20 November 2009. more
Dubai bids for 100% of Turkmen oil play
Dublin Stock Exchange and London Stock Exchange-listed Dragon Oil has agreed to a full takeover by its majority shareholder Dubai government-owned Emirates National Oil Company (Enoc).
Issue 864, November 2009. more
MBR sets up Dubai oil agencies
Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum has issued decrees setting up two new authorities – one to manage crude oil sales and the other to manage energy supplies.
Issue 860, 11 September 2009. more
Coming to terms with Dubai’s debt – even if it’s bigger than you think
Attempts to reassure world markets that the emirate’s debt is no more than $80bn have been overshadowed by the revelation that Dubai World alone owes $59.3bn. Last November, Emaar Properties chairman Mohammed Ali Alabbar – for long a key ally of UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al-Maktoum (MBR) – attempted to reassure financial markets that Dubai’s debt was no more than $80bn. It now appears the figure is higher.
Issue 860, 11 September 2009. more
Test for Dubai’s judicial system as well-connected company is accused of real estate fraud
Sheikh Hasher Al-Maktoum’s alleged involvement in corrupt business dealings will test Dubai’s courts. With real estate scandals blighting Dubai’s image, investors will be looking to the judiciary to restore confidence.
Issue 855, 12 June 2009. more
Dubai finance head goes
Nasser Al-Shaikh, head of the Dubai government’s finance department, has been removed from his post, reportedly after a dispute with a senior adviser to the Ruler Sheikh Mohammed Bin Rashid Al-Maktoum
Issue 854, 29 May 2009. more
Dubai World’s quest for cash
Reports that Dubai-based private equity house Abraaj Capital Ltd was to buy up to 15% of global marine terminal operator DP World’s equity remained unconfirmed as GSN went to press. But another round of fund-raising is under way among Dubai-based giants, with another Dubai World subsidiary, property developer Nakheel, resorting to a bail out from the emirate’s Department of Finance to help settle its debts. The Abu Dhabi-based Central Bank of the UAE’s bailout loan, committed in February, is playing an essential role in this process.
Issue 853, 15 May 2009. more
Dubai bets $200m on Islamic hedge fund industry, sceptics take a ‘wait and see’ approach
The Dubai government has invested $200m in four sharia-compliant hedge funds in the hope of tapping the $800bn Islamic finance industry, expected to grow by 15% this year. But the concept has its risks, and many investors remain sceptical about the viability of Islamic hedge funds.
Issue 849, 13 March 2009. more
Dubai, feeling down but not out
Central Bank of the UAE’s initial $10bn investment in Dubai’s $20bn five-year refinancing package confirms that Abu Dhabi has no intention of cutting adrift the commercial emirate; the senior emirate will gain from maintaining stability in the federation and rebuilding its leverage over Dubai, as well as taking 4% interest (GSN 847/20).
Issue 848, 27 February 2009. more
Also see Issue 847, 13 February 2009. How deep is Dubai’s economic ‘crisis’? And what will Abu Dhabi do?
Special report: Gulf companies buy into African energy assets
Issue 846, 30 January 2009. more
Also see Issue 846, 30 January 2009. Al-Ghurairs eye Mozambique
TOP
| 2008 Archives – UAE – Dubai |
Dubai’s Lootah Group sees potential in Puntland’s high-risk, high-reward environment
The Lootah Group is one of the oldest merchant families in the UAE and joins a string of investors that have recently signed agreements in Somalia and its neighbouring countries. Despite a brutal civil war between Islamic insurgents and Ethiopian military forces, some areas of the fractured state remain relatively sheltered and are seen as ‘virgin territories’ ripe for exploration and investment.
Issue 841, 21 November 2008. more
Dubai Inc confronts the crunch
Dubai has been exceptionally aggressive in opening up to foreign investment. With little oil wealth, and now evidently in a lot of debt, it has developed real estate, tourism and financial services to drive the boom. Observers have long noted this model is vulnerable to anything that might cause foreign investors to run away, perhaps a terrorist attack. The fear now is that investors could cash in their assets or default on off-plan real estate purchases, forcing dramatic price corrections, if the world economy deteriorates further. But the biggest immediate concern is private and state-owned institutions’ access to credit.
Issue 839, 24 October 2008. more
Dubai Banking Group: Asia and Africa expansion
DBG, a subsidiary of the government-owned Dubai Group (DG), is looking for opportunities in Indonesia and Africa as it strives to meet its ambition of becoming the world’s largest Islamic financial services company by 2015.
Issue 837, 26 September 2008. more
Abu Dhabi goes head-to-head with Dubai with media, sporting and Hollywood deals
Abu Dhabi’s recent attention-grabbing deals highlight the wealthiest emirate’s emergence as an increasingly high-profile force to be reckoned with – astride the world stage and within the United Arab Emirates, where a further round of shifts in the internal power balance are coming to light.
Issue 836, 15 September 2008. more
MBR calls for government transparency
Dubai Ruler Sheikh Mohammed Bin Rashid al-Maktoum has given Dubai Executive Council (DEC) orders to set new standards for government transparency, as the emirate’s public crackdown on corruption continues (GSN 835/11, 832/16).
Issue 836, 15 September 2008. more
Corruption crackdown involves more Dubai-based companies
State-owned property developer Nakheel has become the latest company to uncover what appear to be incidents of fraud in Dubai’s real estate sector. Nakheel, which is part of the Dubai World group, a government investment vehicle, and is responsible for the emirate’s offshore reclaimed island projects, says it is conducting an internal audit. It has confirmed that the authorities are interrogating former sales consultant Karim Masaad on charges of bribery, but a spokesperson said the employee in question resigned from Nakheel a month before this issue arose.
Issue 835, 1 September 2008. more
Dubai Group’s ambitious investment plans
Dubai Group (DG), which is owned by UAE government investment vehicle Dubai Holding, has been on a spending spree this summer. It has purchased a 5.24% stake in one of Egypt’s largest banks, Commercial International Bank, for Dh580m ($157.9m).
Issue 835, 1 September 2008. more
Banker arrests send signal about Dubai, region’s financial probity
A recent round of arrests in Dubai over alleged financial irregularities at Dubai Islamic Bank (DIB), a local property developer and Dubai Financial Market-listed Deyaar Development has been unusually widely publicised, sparking calls for better compliance and transparency. It reflects another step in emerging Gulf financial centres’ efforts to win inter national credibility by emphasising their probity; this was a selling point for traditional hub Bahrain, which has been embraced with some zest by Dubai, Qatar and other ambitious (and PR-savvy) financial players.
Issue 832, 30 June 2008.
more
DP World’s shares on way down
“The pricing was off and the allocation was poorly managed” in last November’s DP World initial public offering (IPO), according to Abu Dhabi-based The National Investor (TNI)’s chief executive Orhan Osmansoy. Since listing on 26 November at $1.30/share, DP World’s share price had slid, in an almost unbroken manner, to a mere $0.80 by early March.
Issue 825, 14 March 2008. more
Access to gas is crucial to continuing the UAE’s boom
Each UAE city state now has big plans to bring in industrial and real estate investors to help meet their growing populations’ demands, but GSN’s soundings suggest these ambitions are being put at risk by differences over how to allocate the federation’s energy resources.
Issue 824, 29 February 2008. more
Also see Issue 824: UAE gas use: a question of supply and demand
Like father, like son: MBR consolidates as Hamdan becomes Dubai’s new crown prince
Young Sheikh Hamdan has taken over as Dubai’s new crown prince after a year of chairing the emirate’s government. Politics watchers across the UAE are watching the MBR sons’ emergence and whether it influences their powerful father’s thinking about his own future.
Issue 823, 15 Febuary 2008. more
Alos see Issue 823, 15 Febuary 2008. Dubai’s young sheikhs
2010 UAE – Dubai archive
2009 UAE – Dubai archive
2008 UAE – Dubai archive
2006-2007 UAE – Dubai archive
Pre-2003-2005 UAE – Dubai archive
Return to main GSN's World Dubai page
Return to main GSN's World UAE page
Select another country
