Mubadala looking for $2 billion refinancing talks

MubadalaMubadala, an investment fund of the Abu Dhabi government, has been looking for refinance options for the loan worth $2 billion due in April. The refinance, if materialized, would be the first by any Gulf firm since the Dubai World's crisis that rocked the financial sector by announcing debt standstill in November.

Dubai World's crisis involving delay in debt payments linked to Nakheel and Limitless World, put credibility of the Emirates on stake and impacted its chances of further growth. However, financial support worth $4.1 billion Islamic bond linked to Nakheel by Abu Dhabi government shouldered the further worsening of situation.

Matthew Hurn, head of group treasury confirmed that the group is in talks with some lenders for possible refinancing and its outcome is likely in few weeks. He added, "We are in the discussion stage with banks, updating them on our business model and what the opportunities to work with banks are."

Expressing its commitment to the capital market, Hurn said that it has no plan for the bond issue at this point of time.

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