Dubai: Dubai Holding, the global investment holding company, said on Thursday its financial services arm, Dubai Group, has reached final agreement with all financial lenders regarding the restructuring of approximately $6 billion (Dh22.06 billion) of bank facilities.
“Another $4 billion of related party debt has been subordinated to the claims of the bank creditors,” Dubai Group said in a statement late on Thursday.
It added that as per the agreement, lenders agreed to extend maturity dates to December 31, 2016 for secured facilities and to December 31, 2024 for partially secured and unsecured facilities.
“We have successfully completed the financial restructuring of Dubai Group. This was a complex set of negotiations given the number of lenders involved. Now that all the restructuring required in Dubai Holding Investment Group (DHIG) is completed, we can focus without distraction on growing the Group’s commercial operations and enhance further its role in supporting Dubai’s growing economy,” Ahmad Bin Byat, Chief Executive Officer, Dubai Holding, said in a statement.
New board directors
In another move, Dubai Holding announced the appointment of a new Board of Directors for Dubai Group post restructuring. The group said in a statement that Fadel Al Ali, who was Dubai Group’s CEO over the last few years, has been appointed Chairman. Dubai Holding also confirmed that Ahmad Al Qasim was appointed as the CEO of Dubai Group and Board member.
Meanwhile, Aidan Birkett, Michael McLoughlin and Abdullah Sharafi have been appointed as independent non-executive directors.
