Arab Today, arab today dic’s deal lifts investor confidence
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Arab Today, arab today
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DIC’s deal lifts investor confidence

Arab Today, arab today

Arab Today, arab today DIC’s deal lifts investor confidence

Dubai - Arabstoday

The Islamic bond yields of Dubai are set to rise as Dubai International Capital’s (DIC) $2.5 billion restructuring deal lifts investor confidence in the Emirate’s commitment to repay debt. DIC’s lenders will get 2 per cent interest on about $2.15 billion of debt that will be extended for five years, Dubai Holding, the company’s parent, said on April 5. The maturities of a further $350 million will be extended for three years at an ‘unchanged contractual rate of interest’. Drydocks World, which owns the Middle East’s biggest shipyard in Dubai, got approval from 87 per cent of its creditors by value for a $2.2 billion debt restructuring plan, PricewaterhouseCoopers, an adviser to the company, said. After DIC’s restructuring, “local credits like Jebel Ali Free Zone, DIFC and Dubai’s sukuk will see their prices go up and yields go down,” Yaser Abushaban, director of asset management at Emirates Investment Bank in Dubai, said.

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