To say that Dubai’s $10 billion loan facility from the UAE central bank at the end of February is a welcome relief is an immense understatement.
A few days before, Borse Dubai had scraped together a $3.8 billion refinancing facility from a group of lenders. Investors watched the refinancing like hawks, and the deal only went through thanks to a last-minute contribution from government-owned Emirates NBD and Dubai Islamic Bank. A bigger refinancing for local developer Nakheel lies ahead in November.
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