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FINANCIAL NEWS
Dubai Holding unit gets extension on $555m credit
08 Sep 2010
(MENAFN) Dubai Holding Commercial Operations Group LLC, a real estate and hospitality group owned by Dubai Holding, received a second extension on repayment of a $555 million credit line, Reuters reported.
Dubai racked up $109.3 billion of debt to transform the emirate into a tourism, trade and financial-services hub, according to International Monetary Fund estimates. Dubai World is in talks with about 70 lenders to alter terms on $23.5 billion of debt.
Dubai Holding Commercial said the extension until Nov. 30 is under commercial terms and is needed for an accord on a long-term facility.
Dubai Holding owes banks $12 billion and has begun talks to roll over some loans. Almost three-fourths of the loans have been racked up by Dubai Group LLC and Dubai International Capital, said an official.
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