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Dubai Ruler's Property Company Extends Credit Line - ASHARQ AL-AWSAT English Archive
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DUBAI, United Arab Emirates, (AP) — A real estate and hotel group owned by Dubai’s ruler says it has won a two-month extension to repay a $555 million loan following big losses announced last month.

Dubai Holding Commercial Operations Group said in a regulatory filing on Thursday that it extended the revolving credit facility under commercial terms for an extra two months.

Investors are closely watching Dubai state-linked companies to see whether they can avoid defaulting on their debts in the wake of the deeply indebted city-state’s credit crisis. Financial problems at the sheikdom’s Dubai World conglomerate rippled throughout global markets late last year.

DHCOG, part of a company called Dubai Holding, recently reported $6.4 billion in losses last year.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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