A group of international lenders is battling for greater transparency and governance changes at a major Dubai real estate investment trust ahead of a crunch vote on its restructuring plans on Monday, marking a rare case of investor activism in the Gulf.
Emirates REIT, the largest sharia-compliant Reit in the United Arab Emirates, faces resistance from a group of debtholders as it seeks to restructure a $400m Islamic bond, or sukuk, maturing in December 2022. A $10.2m payment is due later this month.
The dispute poses another challenge for the Gulfs commercial hub as the UAE seeks to clear its reputation in the wake of several financial scandals, including the collapse of UK-listed, Abu Dhabi-based hospital operator NMC and the Dubai-bas…
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