Dubai Holding unit lenders extend credit, UAE Conglomerates, Industry - Maktoob Business

Indebted Dubai Holding's main unit said on Thursday that its lenders had agreed to extend a $555 million revolving credit facility for two months.

The extension, granted on commercial terms, comes after Dubai Holdings Commercial Operations Group (DHCOG) reported a $6.2 billion 2009 loss in June.

DHCOG is a unit of Dubai Holding, the conglomerate owned by the emirate's ruler that belongs to the matrix of firms commonly known as Dubai Inc., which was badly battered by the financial crisis and remains in negotiations with creditors.