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Investment Dar denies bailout talks with Kuwait bank

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 21 May 2009
NO BAILOUT: Investment Dar has denied media reports that it is in talks with the Central Bank of Kuwait over a bailout. (Getty Images)
NO BAILOUT: Investment Dar has denied media reports that it is in talks with the Central Bank of Kuwait over a bailout. (Getty Images)

Islamic investment firm Investment Dar on Thursday denied media reports that it’s in talks with Kuwait’s central bank over a bailout.

“The Investment Dar confirms that no negotiations are being held regarding a bail out by or other funding from the Central Bank of Kuwait, contrary to recent media speculation,” the company said in a statement.

The company defaulted on a $100m sukuk last week, making it the first institution to default on a major Islamic debt issue in the region.

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Kuwait's financieal sector has been harder hit by the crisis than some of its Gulf neighbours.

 The country’s investment companies, of which there are more than a hundred, are highly leveraged and many have had trouble refinancing their debt.

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READER COMMENTS

  1. Deal sought on Dubai World, Nakheel debts 15
    27 Nov ' 09 at 12:16
    We are looking at realistic action on the current situation, these investments are heading for, which I strongly feel is a positive...   More  »
  2. Dubai debts crisis: latest news 04
    27 Nov ' 09 at 11:41
    Many of us believe in the great achievements of Dubai. But bleating passionate rhetoric in favor of the greatness of our City will not...   More  »
  3. UAE real estate market has now hit bottom - analysts 04
    27 Nov ' 09 at 00:48
    Arabian Business has serious credibility issues to serve up this slop after Dubai has just defaulted. What expert analysts? Send them...   More  »

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