Dubai Group debt deal 'to be signed in Q2'
Dubai, April 12, 2011
Dubai Group, part of a conglomerate owned by the emirate's ruler, is nearing a debt deal with its lenders and an agreement may be signed by the end of second-quarter, the head of one of its creditor banks said.
Financial services firm Dubai Group set up a bank committee for debt restructuring talks last year. It has missed at least two scheduled payments on separate loans.
"We are at the final stages. We are happy with the progress. We expect a few minor details to be ironed out but we expect the deal to be signed," said Hussain Al Qemzi, chief executive of Noor Islamic Bank, one of the banks on the creditor committee.
"Within the second quarter I see it will be definitely signed," Qemzi told Reuters on the sidelines of a conference in Dubai, adding when the debt problems at Dubai Group first surfaced, the bank was not prepared.
Dubai Group, which focuses on banking, insurance and investments, has stakes in Dubai-based investment bank Shuaa Capital, Greek group Marfin Investment Group and Australian company Citigold Corp.
Its debt talks come on the heels of a raft of restructurings underway in the emirate after a property collapse and the onset of the global economic downturn. - Reuters
More Finance & Capital Market Stories
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs