Royal Bank of Scotland Group Plc, Commerzbank AG and Standard Bank Group Ltd may be betting Dubai will improve terms on a $10 billion debt restructuring to protect its reputation after a near default in 2009.
Rasmala Investment Bank Ltd., which has an equity research tie-up with Royal Bank of Scotland Group Plc, hired Hans Zayed as head of Middle East and North Africa equity research and Saud Masud as senior equity analyst for real estate and construction, according to a statement on the company website.
Home prices in the United Arab Emirates, which have fallen by more than half since 2008, may drop by another 10 percent to 30 percent as developers add to supply in Dubai and Abu Dhabi while buyers dwindle.
Dubai and Bahrain shares declined, leading a drop in the Gulf, as Moody’s Investors Service said banks in the United Arab Emirates face challenges in a weak environment and lowered Greece’s credit rating to junk.
Nakheel PJSC began making payments to its biggest contractors as the Dubai World-owned property company seeks to alter terms on $10.5 billion of unpaid bills and loans amid falling property prices in the emirate.
Dubai Holding Commercial Operations Group LLC, a property firm owned by the emirate’s ruler, posted a $6.2 billion loss as companies in the debt-laden Gulf business hub renegotiate borrowings after a slump in real-estate prices.
Two women gaze through the eye slits of their black niqabs at the window of Dubai’s latest jewelry store. The glass cases, lit by crystal chandeliers, show gems that include a 52-carat diamond priced at $25 million.