DUBAI // Dubai World, the property conglomerate that owns the developer Nakheel, has clinched a deal with its bank creditors intended to speed up economic recovery in the emirate.
The seven leading bankers to the group have agreed in principle to accept lower repayment terms on $14.4 billion (Dh53bn) of loans. The proposals must now be agreed by remaining creditors.
The deal, announced yesterday by Dubai World's restructuring chief, Aidan Birkett, paves the way for a Dubai Government injection of nearly $10bn into the emirate's economy to revive the property and financial markets.
It will free up payments to dozens of contractors, enabling the reactivation of stalled projects and helping to revive the job market in the property sector, which underpins the wider economy.
Mr Birkett said: "This is an important milestone and reflects our efforts to achieve the best possible solution for all shareholders."
For the Dubai Government, Sheikh Ahmed bin Saeed Al Maktoum said the deal was the result of "efforts by a large number of stakeholders who share a common interest in Dubai's future."
The banks - four British, two from the UAE and one Japanese - speak for 60 per cent of Dubai World lending. They have agreed to extend repayment periods on their loans to between five and eight years. Most will receive only 1 per cent interest, far lower than they had previously agreed.
They are also being offered guarantees by the Dubai Government to cover any shortfall at the end of the repayment period. Dubai World expects to sell some assets to make up part of the new obligations.
The deal is expected to help to free up the financial markets, especially bank and mortgage lending, which have been tight since the global financial crisis.
Mr Birkett said the strategy of regenerating the economy through the property market, and especially through Nakheel, the developer of Palm and World, was on track. "Nakheel is an important part of the Dubai real estate market, and I remain confident of that strategy," he said.
Local markets reacted positively. Hamad Buamin, director general of the Dubai Chamber of Commerce, said: "Now this is resolved a lot of the risk has gone to minimum."
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Sweet%20Tooth
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The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
Set-jetting on the Emerald Isle
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com