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Dubai's second US$10 billion-bond offer may come by year end
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Wed May 20, 2009 2:39 pm
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UAE. Dubai, which borrowed US$10 billion from the United Arab Emirates central bank as it struggles to meet loan repayments, may issue the second part of the US$20 billion-bond program by the end of this year.

The offer will be available to more participants, Abdulla Al Awar, Managing Director at the DIFC Authority, said in Dubai today.

Dubai sold US$10 billion of five-year bonds in February to assist state-owned companies struggling to raise cash during the credit crunch. The money will be used to meet payment shortfalls or repay loans, the government said.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
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UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
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UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.