Dubai World's utilities unit has secured a Dh1.14bn line of credit to refinance an existing facility.
Palm Utilities, which supplies chilled water to homes on Nakheel's Palm Jumeirah among other developments, closed a deal that includes both a conventional and islamic tranche.
"This is a resounding vote of confidence by the financial community in Dubai's economy," said Marwan Al Naqi, chief executive of Palm Utilities. "Despite challenging regional market conditions, the facility received good response from the financial institutions."
Abu Dhabi Commercial Bank and Emirates NBD were the lead arrangers for the conventional tranche, while Emirates Islamic Bank arranged the Islamic tranche of the facility.
Analysts expect to see more such refinancing deals involving local lenders as Dubai government-related companies face billions of dollars in debt repayments this year.
"With relatively strong capital and liquidity metrics, the local Dubai banks have the potential to provide additional funding to state-owned entities," said Moody's, the international credit ratings agency in a December 6 report.
Companies that provide district cooling in the Emirates have come under pressure since the collapse of property prices in late 2008 that cut demand for their services from the new housing estates and apartment blocks they serve.
District cooling is an alternative to traditional air conditioning units and is used on almost all of the major residential and commercial property developments in the country. Chilled water is pumped through underground pipes from a central unit to cool the air within buildings in the development.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Killing of Qassem Suleimani
Killing of Qassem Suleimani
COMPANY%20PROFILE
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)