UAE-based Essdar Capital, which recently bought the senior debt of Oman's troubled $15 billion Blue City project in a distressed deal, is betting on its local expertise to tap more such opportunities, a top executive said.
Essdar, 35-percent owned by the ruler of Dubai's investment company Dubai Holding, bought Blue City's $655.5 million Class A debt via a tender offer earlier in June as part of investment in its Gulf-focused distressed debt fund.
The investment remains the fund's largest so far."
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