Gulf markets cheered by IPIC, UAE move but Dubai fears grow
In a topsy-turvy week for Gulf capital markets in which the United Arab Emirates agreed to guarantee new bonds and loans issued by local banks, and Standard & Poor’s downgraded three of Dubai’s government-related entities thereby casting doubt about the emirate’s willingness to help them repay their debt, the Abu Dhabi loan market burst into life with the blow-out success of International Petroleum Investment Co’s syndicated loan.
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