Monday, February 12, 2007

dubai / borrow to build.....?

time for an update on dubai. to be honest i was at first surprised that even dubai has to borrow billions to build. but it looks this money is tied only to infrastructure projects. on the other hand the state owned developer of the palm islands has to issue billion $ bonds to build the island. i thought this kind of projects were financed with tons of petro$. at the same time they (state owned) buy trophy assets in london

but you cannot blame them for taking advantage of the narrow spreads and load up cheap debt.

zeit für ein update aus dubai. ehrlich gesagt war ich zuerst überrascht das dubai mrd an krediten aufnehmen muß um zu bauen. es sieht in diesem fall so aus als wenn dieses investitionen zumindest in die infrastruktur gehen. auf der anderen seite ist es erstaunlich das für den bau der berühmten inseln mrdanleihen begeben worden sind. ich dachte bisher immer die zahlen das aus den tonnen von ölgeldern. zur gleichen zeit kaufen staatliche investmentfirmen prestigeobjekte in london. aber warum sollte nicht auch dubai die extrem niedrigen kreditaufschläge nutzen?

maybe someone can help me to understand if the reserves from dubai are included in the $25 billion for the united arab emirates or in the plus $ 250 billion from abu dhabi investments authority.

i´m a little confused because dubai has an own investment arm (remember the failed port deal in the usa. they also own a stake in daimler and bought the tussauds / search in the news on the right)

evtl. kann mir einer von euch weiterhelfen. ich habe problem zu verstehen ob die reserve von dubai in den 25 mrd$ der vereinigten arabischen emirate oder den plus 250 mrd$ der abu dhabi investments enthalten sind. bin deshalb etwas verwirrt weil dubai einen eigene investmentfirma betreibt.(einige erinnern sich evtl. noch an die gescheiterte hafenübernahme in den usa, zudem sind sie größaktionär bei daimler und haben zuletzt das wachsfigurenkabinett von madame tussauds gekauft. )

Dubai to Borrow at Least $10 Billion for Rail, Power

Feb. 12 (Bloomberg) -- Dubai plans to borrow at least $10 billion for new roads, power plants and an urban railway to spur economic expansion.

The Persian Gulf sheikhdom's borrowing will ``go into double-digit billions'' by 2009, .....

The government is taking advantage of bondholder demand after Dubai Holding LLC, a company managing state assets, received $13 billion of orders for a $2.5 billion sale of notes last month...

The second-largest of the United Arab Emirates states after Abu Dhabi, is seeking to spur economic growth of 11 percent a year to 2015 to help add 882,000 jobs. Dubai's oil wells are forecast to run dry within 20 years. Its population grew by 7.3 percent to 1.37 million last year, according to government data. (11% ....overheating.....? others countries like china try to slow down the economy . looks like the opposite/ bei 11% droht ne überhitzung. andere länder wie china probieren zumindest das wachstum einzudämmen. hier passiert das gegenteil.)

Economic growth last year pushed property prices up 20 percent, after rising 50 percent in 2005, . Dubai's hotels generated $3.8 billion in revenue last year and occupancy rates were the third highest after London and New York, Asharq al-Awsat reported today, citing a government official.

Light Railway
Dubai's development projects ``are capital intensive and I would expect them to be funded through a mixture of equity and debt,''

Dubai ruler Sheikh Mohammed bin Rashid al-Maktoumaims is developing the country to retain investors including Goldman Sachs Group Inc., Microsoft Corp. and Royal Dutch Shell Plc, which have set up their Middle East headquarters in the emirate.

In 2005 Dubai awarded Mitsubishi Corp. a $3.4 billion contract to build a 45-mile light railway, the Persian Gulf's first commuter metro. The Dubai Water and Electricity Authority plans to spend about $5.4 billion by 2012 to boost power generating capacity to 10,000 megawatts, according to a May report by Emirates Industrial Bank.

Phone Bonds
Dubai Holding sold its bonds to help repay debt incurred when it bought stakes in Maltacom, Malta's biggest telephone company, and Tunisie Telecom, Tunisia's biggest mobile phone provider. Demand prompted Dubai Holding to cut the yield offered to investors to 105 basis points over U.K. government bonds from an initial guidance of about 115 basis points ...

Moody's rates Dubai Holding's debt at A1, its fifth-highest investment-grade ranking. Standard & Poor's rates the debt an equivalent A1......

Palm Tree Islands
Nakheel PJSC, a state-owned developer building three palm tree-shaped islands off Dubai's coast, in December issued $3.52 billion of Islamic bonds in the world's largest sale of such securities. The company Nov. 7 said it aimed to sell $2.5 billion of three-year Ijarah sukuk, and then increased the issue after receiving bids for 2.5 times the debt on offer.

Europeans bought 40 percent of Nakheel's sukuk,..... More than 95 percent of the orders for Dubai Holding's bonds came from outside the Middle East, according to Lewell.
somehow ironic, isn´t it. we finance their islands..../ irgendwie ironisch, oder? ..............

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