Sharia Finance Meltdown: UAE stock markets drop, Nakheel seeks debt plans
by sheikyermami on November 30, 2009
The Age thanks to Dhumme
Dubai’s stock market plunged 5.94 percent on Monday as trading opened following an announcement by the Arab emirate that it intends to seek a freeze on debt repayments.
Meanwhile, shares in the Securities Exchange of neighbouring Abu Dhabi nosedived 7.4 percent at the start of trading, the bourse website said.
Just minutes after opening of trade, the Abu Dhabi Securities Exchange Index was trading at 2,690.58 points from Wednesday’s close of 2,910.16 points, a slide of more than 215 points.
Real estate, telecoms and energy sectors were the biggest losers, dropping 9.9 percent, 9.73 percent and 9.67 percent respectively.
News of the weak market performance follows an announcement by Dubai property developer Nakheel – part of the debt-laden Dubai World conglomerate – that it is seeking a suspension in trading of all its Islamic bonds, the NasdaqDubai bourse said on its website Monday.
“Nakheel has today asked for all three of their listed sukuks (Nakheel Development Limited, Nakheel Development 2 Limited, Nakheel Development 3 Limited) to be suspended until it is in a position to fully inform the market,” NasdaqDubai said.
Nakheel was expected to repay some 3.5 billion US dollars in maturing sukuks, or Islamic bonds, on December 14.
Until recently, the jewel in Dubai’s construction-boom crown and the developer behind iconic projects, Nakheel has been hit hard by the global financial crisis which dried up financing.
Tagged as:
refinance,
Sharia finance meltdown
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{ 4 comments… read them below or add one }
[Henny Penny]
Now we are closer to the cold, hard truth!
And why censorship happened over a withdrawn video yesterday is similar to the withdrawal of a newspaper ‘The Sunday Times’ today, was prompted by an illustration of Sheikh Mohammed bin Rashid Al Maktoum swept away in a wave of debt.
http://www.theaustralian.com.au/business/industry-sectors/uae-central-bank-readies-liquidity-facility-for-second-largest-arab-economy/story-e6frg96f-1225805433987
[Henny Penny]
Today, we are all friends!
http://www.theage.com.au/business/sharemarkets-rebound-20091130-k1av.html
[Henny Penny]
‘Heads on sticks?’ That ‘s right. An Aussie did it ALL by himself!!!!!!
‘While equity markets behaved yesterday like everything was back to normal and the problems in Dubai had been contained, the chilling reality is nobody really knows. ‘
Watch this space.
http://www.theage.com.au/business/uae-in-for-more-pain-over-dubai-20091130-k1bm.html
[Henny Penny]
Dead-cat bounce! How many lives does a cat have, again?.
http://www.theage.com.au/business/world-business/dubai-fails-to-reassure-on-debt-20091201-k21a.html?