DUBAI, United Arab Emirates, (AP) – An investment company controlled by Dubai’s ruler is reportedly seeking to renegotiate the terms on $10 billion in debt — $4 billion more than previously disclosed.
Dubai Group has not publicly confirmed the effort, which has been reported elsewhere, including by the Emirati government-owned daily The National on Tuesday.
An official familiar with the negotiations confirmed the $10 billion figure to The Associated Press. The person spoke on condition of anonymity because the talks are private.
The total amount of debt involved includes $6 billion of bank debt previously made public plus $4 billion owed to investors elsewhere, the official said.
Representatives for Dubai Group’s parent company Dubai Holding and the Dubai government media office declined to comment.