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UAE sees no need for capital injection into banks (Arabianbusiness.com - Banking & Finance) - 15:14 ET Mar 10, 2010

Khouri declined to comment on Abu Dhabi plans, but said in the future debt offices of the federal and emirate levels are going to coordinate issuance plans. Dubai World creditors expect to see the option of a full repayment over a longer period of time, while some others are willing to take a haircut to receive their money back faster. In the case of a significant haircut, banks in the UAE will be forced to take new writedowns, further eroding their capital base, analysts said. Saud Masud, UBS analyst, said: "We believe investors are already expecting a significant haircut to the DW debt entailing $22 billion in obligations, ie: roughly 40 cents with a payout over several years.". He added: "Such a haircut would likely challenge the bankability of UAE financials as books may need to be adjusted further." 
Saud Masud
Saud Masud
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  <span class="analyst">Saud Masud</span>, UBS analyst, said: "We believe investors are already expecting a significant haircut to the DW debt entailing $22 billion in obligations, ie: roughly 40 cents with a payout over several years.". Tweet this 

Dubai World May Ask Banks to Take 20% “Haircut,” Delay Payments to Solve its Debt Bomb (Money Morning) - Mar 09, 2010

All totaled, the emirate may have accumulated over $100 billion of debt during the boom years. Since the bottom fell out in 2008, Dubai real estate prices have plunged 50% from their peak and shares traded on the Dubai Financial Market have lost two thirds of their value. The stock market could take another 10 years to return to peak levels, Saud Masud, head of Middle East research at UBS told The Journal. 
Saud Masud
Saud Masud
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  The stock market could take another 10 years to return to peak levels, <span class="analyst">Saud Masud</span>, head of Middle East research at UBS told The Journal. Tweet this 

Plea to delay Dubai repayments (New Zealand Herald - Business) - Mar 09, 2010

Dubai World said it would seek to delay repaying all loans until May, sparking the biggest plunge in developing nation stocks. "The proposal will be a meaningful one," said Saud Masud, Dubai based head of Middle Eastern research at UBS. Dubai World's advisers are asking the Dubai Financial Support Fund for money to fund interest payments on the loans in the meantime, the bankers said. 
Saud Masud
Saud Masud
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  "The proposal will be a meaningful one," said <span class="analyst">Saud Masud</span>, Dubai based head of Middle Eastern research at UBS. <span class="company">Dubai World</span>'s advisers are asking the Dubai Financial Support Fund for money to fund interest payments on the loans in the meantime, the bankers said. Tweet this 

U.A.E. Government to Support Dubai (New York Times - DealBook) - Mar 09, 2010

The United Arab Emirates' finance minister said Tuesday that the federal government will support Dubai as it grapples with a $26 billion debt restructuring and expects the matter to be resolved soon, Reuters reported . State owned conglomerate Dubai World is holding informal talks with major creditors, which include HSBC and Standard Chartered , in London this week as it finalizes a restructuring proposal. Asked by reporters whether the government would support Dubai, Sheikh Hamdan bin Rashid al Maktoum said: "Of course. 
 
Share:  The United Arab Emirates' finance minister said Tuesday that the federal government will support <span class="company">Dubai</span> as it grapples with a $26 billion debt restructuring and expects the matter to be resolved soon, Reuters reported . State owned conglomerate <span class="company">Dubai</span> World is holding informal talks with major creditors, which include HSBC and Standard Chartered , in London this week as it finalizes a restructuring proposal. Asked by reporters whether the government would support <span class="company">Dubai</span>, Sheikh Hamdan bin Rashid al Maktoum said: "Of course. Tweet this 

Dubai World 'to seek repayment delay' (The Irish Times - Business) - Mar 08, 2010

Dubai World said in November it would seek to delay repaying all loans until May, sparking the biggest plunge in developing nation stocks. "The proposal will be a meaningful one," said Saud Masud, Dubai based head of Middle Eastern research at UBS. "I would highly doubt that what they come out with will be accepted and everyone moves on." 
Saud Masud
Saud Masud
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  "The proposal will be a meaningful one," said <span class="analyst">Saud Masud</span>, Dubai based head of Middle Eastern research at UBS. "I would highly doubt that what they come out with will be accepted and everyone moves on." Tweet this 

Dubai World to Seek Loan Delay in Talks, Bankers Say (Bloomberg) - Mar 08, 2010

Dubai World said in November it would seek to delay repaying all loans until May, sparking the biggest plunge in developing nation stocks. "The proposal will be a meaningful one," said Saud Masud , Dubai based head of Middle Eastern research at UBS AG. 
Saud Masud
Saud Masud
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  "The proposal will be a meaningful one," said <span class="analyst">Saud Masud</span> , Dubai based head of Middle Eastern research at UBS AG. Tweet this 

Ten Pieces Worth Reading, Mostly Economics: March 7, 2010 (Grasping Reality with Both Hands: The Semi-Daily Journal of Economist Brad DeLong) - Mar 07, 2010

Moody's downgraded government groups in oil rich Abu Dhabi on Thursday, after reviewing state linked entities following neighbouring Dubai's $22bn debt restructuring. The troubles at Dubai World, the debt laden conglomerate owned by Abu Dhabi's northern neighbour, has rattled financial markets and led many people to question the level of government support that state linked conglomerates in the United Arab Emirates can command. "Dubai has changed the dynamic of how investors look at government related entities," said Nish Popat, head of fixed income at ING Investment Management in Dubai. 
Brad DeLong
Brad DeLong
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  Moody's downgraded government groups in oil rich Abu Dhabi on Thursday, after reviewing state linked entities following neighbouring <span class="company">Dubai</span>'s $22bn debt restructuring. The troubles at <span class="company">Dubai</span> World, the debt laden conglomerate owned by Abu Dhabi's northern neighbour, has rattled financial markets and led many people to question the level of government support that state linked conglomerates in the United Arab Emirates can command. "<span class="company">Dubai</span> has changed the dynamic of how investors look at government related entities," said Nish Popat, head of fixed income at ING Investment Management in <span class="company">Dubai</span>. Tweet this 

Dubai's Istithmar loses prime US property (Reuters) - Mar 04, 2010

"I don't think it's a Dubai World issue," said Saud Masud, head of research and senior real estate analyst for the Middle East at UBS. "Dubai World has to focus a lot more on its domestic challenges rather than internationally. 
Saud Masud
Saud Masud
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  "I don't think it's a <span class="company">Dubai World</span> issue," said <span class="analyst">Saud Masud</span>, head of research and senior real estate analyst for the Middle East at UBS. "<span class="company">Dubai World</span> has to focus a lot more on its domestic challenges rather than internationally. Tweet this 

Istithmar Cedes Times Square Building to Danske Bank (New York Times - DealBook) - Mar 04, 2010

Istithmar World, a unit of Dubai World, has handed over a prime New York residential building to Danske Bank after failing to pay its mortgage, a UAE daily reported on Wednesday, the loss of its second property in Manhattan since December. Istithmar, whose parent company is looking to restructure $22 billion in debt, bought the building, formerly known as the Knickerbocker Hotel, in New York's Times Square for $300 million in , during the firm's heyday when it was on the acquisition trail, Reuters reported ."We have hired Jones Lang LaSalle to market the property. 
 
Share:  <span class="company">Istithmar World</span>, a unit of Dubai World, has handed over a prime New York residential building to Danske Bank after failing to pay its mortgage, a UAE daily reported on Wednesday, the loss of its second property in Manhattan since December. Istithmar, whose parent company is looking to restructure $22 billion in debt, bought the building, formerly known as the Knickerbocker Hotel, in New York's Times Square for $300 million in , during the firm's heyday when it was on the acquisition trail, Reuters reported ."We have hired Jones Lang LaSalle to market the property. Tweet this 

Standard Chartered Profit Rises on Corporate Lending (Bloomberg) - Mar 03, 2010

Standard Chartered in December said its "exposures in Dubai" won't lead to any "material" impairment charges. Ian Gordon , an analyst at Exane BNP Paribas, said he was seeking "greater clarity" in terms of the bank's impairments in Dubai. Dubai World, the state owned holding company, is seeking to restructure about $22 billion of debt and will present a proposal to creditors this month, a person close to the Dubai government said Feb. 17. HSBC , Europe's biggest bank, this week posted full year net income of $5.83 billion from $5.73 billion a year earlier after bad loans climbed and profit in Europe slumped. That missed analysts' estimates. To contact the reporter on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net ; Jon Menon in London at jmenon1@bloomberg.net 
Ian Gordon
Ian Gordon
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  <span class="analyst">Ian Gordon</span> , an analyst at Exane BNP Paribas, said he was seeking "greater clarity" in terms of the bank's impairments in <span class="company">Dubai</span>. Tweet this 

UAE Recovery Hinges on Dubai World Debt Restructuring (The Desidooru Saloon) - Feb 21, 2010

02/21/10 Dubai, UAE – . The International Monetary Fund said it estimates the total Dubai debt at around $86 billion, not including what it terms ‘bilateral bank loans' ‘Bilateral lending is a bigger concern to us since the scale of lending could be very large and data is practically non existent,' the bank said in an annual report 
Dave Gonigam
Dave Gonigam
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  02/21/10 <span class="company">Dubai</span>, UAE – . The International Monetary Fund said it estimates the total <span class="company">Dubai</span> debt at around $86 billion, not including what it terms ‘bilateral bank loans' Tweet this 

Jitters reappear over Dubai's finances as ability to resolve debt woes remains murky (Minneapolis Star Tribune) - Feb 16, 2010

"The situation is still very fluid and a number of questions remain unanswered," Morgan Stanley analyst Mohamed Jaber said in a report Monday, noting the recent spike in premiums paid for protection against a Dubai default 
 
Share:  "The situation is still very fluid and a number of questions remain unanswered," <span class="analyst">Morgan Stanley</span> analyst Mohamed Jaber said in a report Monday, noting the recent spike in premiums paid for protection against a <span class="company">Dubai</span> default Tweet this 

Dubai debt fears resurface (The Globe and Mail - (BUSINESS) Report on Business News) - Feb 16, 2010

"The situation is still very fluid and a number of questions remain unanswered," Morgan Stanley analyst Mohamed Jaber said in a report Monday, noting the recent spike in premiums paid for protection against a Dubai default 
 
Share:  "The situation is still very fluid and a number of questions remain unanswered," <span class="analyst">Morgan Stanley</span> analyst Mohamed Jaber said in a report Monday, noting the recent spike in premiums paid for protection against a <span class="company">Dubai</span> default Tweet this 

Dubai debt fears resurface as questions linger (Bismarck Tribune) - Feb 16, 2010

"The situation is still very fluid and a number of questions remain unanswered," Morgan Stanley analyst Mohamed Jaber said in a report Monday, noting the recent spike in premiums paid for protection against a Dubai default 
 
Share:  "The situation is still very fluid and a number of questions remain unanswered," <span class="analyst">Morgan Stanley</span> analyst Mohamed Jaber said in a report Monday, noting the recent spike in premiums paid for protection against a <span class="company">Dubai</span> default Tweet this 

Lenders Fret as Dubai's Real-Estate Situation Worsens (CNBC Europe Top News) - Feb 16, 2010

And here lies the problem International lenders want a full and timely payment from Dubai World but, despite the bravado from the company and the Emirate, it appears the underlying property assets of the company are still tumbling in value Saud Masud, senior real estate analyst at UBS, said he believes that, if the Dow Jones story is correct, then the real return for investors will be even more punitive than the headline 60 percent of debt repayment and is way below recovery expectations: Kamran Jebreili / AP The Burj Dubai towers in Dubai, United Arab Emirates "We believe creditors are expecting 60 to 70 cents recovery or at par recovery 2 to3 years out," Masud said 
Saud Masud
Saud Masud
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  <span class="analyst">Saud Masud</span>, senior real estate analyst at UBS, said he believes that, if the Dow Jones story is correct, then the real return for investors will be even more punitive than the headline 60 percent of debt repayment and is way below recovery expectations: Tweet this 

Greece, Dubai and the Threat of Sovereign Collapse (The Desidooru Saloon) - Feb 15, 2010

People are worried about the Greeks and the Dubai Emiratis Both sovereigns are deep in debt Both suffer crises of solvency…and both seek to delay their own Day of Reckoning, when debts must be repaid and promises met 
Dave Gonigam
Dave Gonigam
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  People are worried about the Greeks and the <span class="company">Dubai</span> Emiratis Both sovereigns are deep in debt Both suffer crises of solvency…and both seek to delay their own Day of Reckoning, when debts must be repaid and promises met Tweet this 

Dollar up on lingering debt concerns (World business news - CNNMoney.com) - Feb 15, 2010

Risk appetite was also dampened amid concerns that government backed Dubai World may reschedule its debt, analysts at financial firm BNP Paribas said in a research note 
 
Share:  Risk appetite was also dampened amid concerns that government backed <span class="company">Dubai World</span> may reschedule its debt, analysts at financial firm <span class="analyst">BNP Paribas</span> said in a research note Tweet this 

Dubai May Rattle Sovereign Debt Market With Bid To Refinance (24/7 Wall St) - Feb 15, 2010

As the efforts of nations in Europe to get Greece's financial house in order appear to flounder, Dubai is likely to demonstrate just how volatile the sovereign debt market can be. The Wall Street Journal reports that Dubai World may "offer its creditors 60% of the money they are owed, backed by the sheikdom's government" The desert kingdom will attempt to settle payments on the $22 billion in debt which is already in or near default 
 
Share:  As the efforts of nations in Europe to get Greece's financial house in order appear to flounder, <span class="company">Dubai</span> is likely to demonstrate just how volatile the sovereign debt market can be. Tweet this 

Global Concerns and Summary (Calculated Risk) - Feb 12, 2010

Dubai: From the WSJ: Cost of Insuring Dubai's Debt Jumps The cost of insuring Dubai's sovereign debt against default rose to its highest level since November as concerns resurfaced over the emirate's large debt On Wednesday, the Al Ittihad newspaper reported that Dubai World would this month ask creditors to freeze payments on 80 million dirhams ($218 million) of debt for six months, until its restructuring is complete China: From Bloomberg: China Raises Bank Reserve Requirement to Cool Economy China ordered banks to set aside more deposits as reserves for the second time in a month to cool the fastest growing economy after loan growth accelerated and property prices surged 
 
Share:  <span class="company">Dubai</span>: From the WSJ: Cost of Insuring <span class="company">Dubai</span>'s Debt Jumps The cost of insuring <span class="company">Dubai</span>'s sovereign debt against default rose to its highest level since November as concerns resurfaced over the emirate's large debt Tweet this 

Dubai Banks Post Fourth-Quarter Profits, Defying Debt Crisis (BusinessWeek.com - Investing) - Feb 11, 2010

The two banks "need to resolve their exposure to Dubai World," said Deepak Tolani, vice president of equity research at Al Mal Capital PSC in Dubai "All UAE banks are suspect to exposure to Dubai World" Full year net income at both banks dropped as they set aside money to cover losses 
Deepak Tolani
Deepak Tolani
Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.  
Share:  The two banks "need to resolve their exposure to <span class="company">Dubai World</span>," said <span class="analyst">Deepak Tolani</span>, vice president of equity research at Al Mal Capital PSC in Dubai Tweet this 

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