" /> " /> " />

Dubai may write off $1bn DIFCI loan - JPMorgan

14 August 2010

JP Morgan Securities has said that the government of Dubai may write off its $1bn loan to DIFC Investments in exchange for shares and infuse additional capital of up to $600m to help the group restructure more than $3bn in debt, Reuters has reported. "A key belief associated with a positive outcome for DIFCI's sukuk holders is an assumption of support by the government," JP Morgan analyst Zafar Nazim said in a research note. Nazim upgraded DIFC Investment's Islamic bond maturing in 2010 to "neutral" from "underperform", citing the restructuring programme and asset sale plans.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications