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.