DUBAI, United Arab Emirates (AP) — An investment company controlled by Dubai’s crown prince is reportedly in talks with lenders to rework terms on about $1.6 billion in debt.
Abu Dhabi government-owned newspaper The National reported on the talks by Zabeel Investments in its Wednesday edition, citing unnamed financial sources in Dubai.
Difficulties at Zabeel could compound Dubai’s challenges as it works to sort out billions of dollars in state-linked debt.
The paper says Zabeel has missed some loan repayments, and is considering seeking new terms on its debts as well as outside cash injections and possible asset sales.
Zabeel officials couldn’t be reached. Dubai’s government media office was unable to immediately comment.