Dubai buoyed by refinancing of post-crisis Loans

摘要

The return to the market of two high-profile Dubai borrowers seeking to lower margins on existing loans has highlighted banks' willingness to lend more cheaply to the Emirate and boosted hopes among lenders for a pick-up in deal flow in the fourth quarter. Bankers are predicting a fall in loan pricing in the region as liquid local banks and international banks desperate to deploy capital create an attractive environment for borrowers, aided by the improvement in the firms' credit profiles due to a strong economy. Confidence in Dubai has risen because of its tourism boom and a recovery in its property market. Airport retailer dubai duty free is repricing a US$1.75bn loan for the second time in just over a year to obtain more favourable terms, while Dubai's iconic island resort atlantis, the palm, owned by Investment Corporation of Dubai, is looking to reprice or refinance an US$880m loan signed in September 2013.