Sum of $300 million loans to be paid by Dubai Holding
Dubai Holding yesterday forwarded that it is considering paying off Sama Dubai's three-year $300 million loan facility which matures on September 27. Dubai holding is considered a prominent investment vehicle of the ruler of Dubai.
A Dubai Holding spokesman said: "Dubai Holding and its entities will meet their financial obligations in full and on the maturity date."
The property arm of Dubai Holding, Sama Dubai, is being combined with local firms Tatweer, Emaar Prop-erties and Dubai Properties.
ADCB, the UAE's third-biggest bank by assets, has even disclosed that it holds over $600 million in exposure to two Saudi, debt-laden conglomerates, for which it will have to book additional provisions.
A sum of $404.8 billion is held by bank in exposure to Saad Group and $204.5 million to Algosaibi Group.
Presently, the two Saudi family businesses are undergoing a huge debt restructuring that has sent shockwaves through the regional banking system.
ADCB has also confirmed about its meeting with fixed-income investors in Abu Dhabi, London, Hong Kong and Singapore, as it contemplates a bond sale.
The bank said: "These bond sales would allow it to offer a range of debt securities throughout global debt capital markets."
New Zealand News
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars
- Chinese EV brand Ora unveils VW Beetle-inspired electric car Punk Cat
- Swapping personal car for e-bicycle saved over $50,000 in just 7 years: San Francisco woman
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- Tesla pockets roughly $101 million in profit from sale of some of its bitcoins
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden
- Volvo to design special Gothenburg Green City Zone for autonomous & related technologies