The Dubai International Financial Centre (DIFC) enacted its new Insolvency Law on 30 May, introducing internationally utilised insolvency and restructuring tools to offshore DIFC jurisdiction.

With few signs that a financial fix for Turkey’s debt-laden energy sector – proposed by the government earlier this year – is any closer to materialising, concern is mounting that not enough is being done to achieve an urgently needed operational turnaround in the industry, several market participants told Debtwire.

The 2009 financial crisis may have been global, but its effects in each country had a distinctly local flavour. None more so, perhaps, than the United Arab  Emirates, where a highly mobile population of expats faced potential jail time over bounced cheques or defaults on loans.

Turkey’s currency crisis – spurred by burgeoning hard currency corporate debt and a large trade deficit – caused a debt restructuring boom in 2H18. President Erdogan’s unorthodox monetary policy and a fragile relationship with the US - peaking with the pastor Brunson spat – poured further fuel on the flames of economic turbulence.

08:00 | Thursday 31 January 2019 | 10 Queen Street Place, London EC4R 1BE

This week’s collapse in oil prices has sent shockwaves across the GCC credit space, said two UAE-based asset managers and a London-based banker. Both WTI and Brent crude hit a three-year low on Tuesday (13 November), and although prices had stabilised by Thursday, a negative mood has set in, they said.