The Cairo and Alexandria Stock Exchange (CASE) Wednesday regained some LE8.8 million, bringing total gains to LE15 million since Monday, when it lost LE56.5 million as a result of the Dubai debt crisis.
The Arab Real Estate Development Union has urged the government of Dubai to realistically evaluate the real estate that it plans to offer up for sale and to avoid selling at undervalued prices in a rash bid to meet its US$80 million debt. The union also criticized European companies that have pressured Dubai to meet its debt obligations irrespective of the crisis, calling on Arab member companies to reconsider their dealings with said companies.
According to a Dubai-based banking source, Dubai’s creditors have set up a committee of six foreign and UAE banks that will convene next week in order to study possible means of settling the debt.
Meanwhile, Egypt’s General Investment Authority plans to launch a "door-knock" campaign targeting Kuwait, Oman and Bahrain with the aim of marketing investment opportunities in Egypt. The move comes within the context of the ongoing Dubai debt crisis and Algeria’s recent retreat from promised economic liberalization.
Translated from the Arabic Edition.
