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."
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