How Nakheel could test UAE restructuring laws

Author: | Published: 4 Dec 2009

The international investment in Nakheel’s bond will see UAE legislation and restructuring tools used for the first time, and could set a precedent for how practices from other jurisdictions can be used in the Middle East

The sukuk restructurings that have attracted attention this year (Investment Dar, Kuwait’s Global Investment) have largely been negotiated between local banks in the Middle East, and so have been subject to local pressure to seek the best outcome for the region’s banking system, while following the cultural model of keeping negotiations behind closed doors until confirmed.

Nakheel presents a new threat. Not only are...



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