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FINANCIAL NEWS
Gulf bank buys first Dubai’s share at USD163M
24 Jun 2013
(MENAFN) First Gulf bank sealed a deal to purchase a consumer finance lender specialising in liability and credit-card products originally owned by Dubai Group first, times of Oman reported.
Dubai Group Chief Executive Officer Fadel Al-Ali declared the deal is equivalent to USD163 million describing the decision ” strategic” considering the sale a part of restructuring process.
The buyer represented by Gulf Bank is administrated by Abu Dhabi’s ruling family the thing that reflects a positive sign on consolidation between Dubai and Abu Dhabi, at least on economic level.
It’s worth noting that the decision has put in action in attempt to restructure Dubai Group’s debt since it needs to repay USD4.4 billion to creditors in 2015 and USD10.3 billion more by 2018, according to its repayment plan.
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