Middle East Economic Survey

VOL. LIII

No 38

20-Sep-2010

UAE

Dubai World Creditors Agreement Boosts Local Market

The announcement last week that troubled conglomerate Dubai World had come to a formal agreement with over 99% of its creditors to restructure approximately $24.9bn of its debt was positively received by the Dubai and Abu Dhabi financial markets. The first day of trading following the announcement, 13 September, saw the Dubai Financial Market (DFM) go up by 2.43% to reach a 16-week high...