A fresh wave of debt troubles emerged across the Emirates yesterday as three corporations looked to refinance billions of dollars in loans accumulated during the boom.
Zabeel Investments, a holding company based in Dubai, is in talks to extend the repayment of about Dh6 billion (US$1.63bn) of debt, The National has learnt. Meanwhile Emarat, a Federal Government-owned fuel retailer, is retooling its business and trying to raise fresh cash, its chairman said.
The Abu Dhabi Government may also take a bigger stake in Aldar Properties, a major developer, as it grapples with more than Dh10bn of debt coming due this year.
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