Business News
Dubai, Abu Dhabi markets up over 4 per cent ahead of bond date
Dec 13, 2009, 9:46 GMT
Dubai - Dubai Financial Market was trading up 4.34 per cent in the early afternoon Sunday while neighbouring Abu Dhabi was higher by 4.46 per cent - the day before a major Islamic bond was due.
Other Gulf markets were seeing mixed trading, with Saudi Arabia's all-share Tadawul losing 0.15 per cent in first part of the day, while in Qatar markets were pushing higher by 0.97 per cent.
A 3.52 billion dollar Islamic bond (sukuk) issued by troubled Dubai World's Nakheel will come due on Monday, and the company has reportedly met with its creditors in an attempt to restructure its liabilities and reach a deal.
After sliding to an almost nine-month low, Dubai rallied on Thursday 7 per cent, to help push the market to its high since the debt crisis was announced on November 25.
Financial analysts have said, however, they expect markets to remain volatile at least until the details of a restructuring plan emerged.
So far, the creditors and Dubai World have refused to comment on their meetings.
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