GGICO signs debt restructuring with creditors

Dubai-based Gulf General Investment Co. PSC (GGICO) announced that it has completed a Dh2.1 billion ($584 million) debt restructuring after obtaining agreement from the majority of its creditors.

Abdalla Juma Al Sari, Chairman of the company, believes this is a win-win deal both for GGICO and the creditors. “Driven by market conditions, we have obtained enough time until 2023 to dispose of our non-core assets in an organised and structured manner and to retire the debts. Subsequently, the company will focus on its core assets with very low leverage” Al Sari said.