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Borse Dubai refi success sparks transparency debate


Last minute contributions from two Dubai-based banks helped the $2.5bn refinancing for stock exchange operator Borse Dubai to close fully subscribed yesterday (Wednesday). The outcome of the most closely watched transaction in the Middle East to hit the market this year was met with relief by loans bankers who had feared the deal would not receive enough commitments before next week’s deadline, but the struggle to reach the target amount has fuelled the debate over whether the lack of transparency surrounding the intentions of authorities in the United Arab Emirates, who are thought to have leant on local banks to back the deal, could further undermine the Middle Eastern market.

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