Dubai Holding LLC, a company owned by the emirate’s ruler Sheikh Mohammed Bin Rashid Al Maktoum, is delaying repayment on part of $1.8 billion in loans due this month as state-owned companies seek to restructure liabilities.
Dubai Holding Commercial Operations Group LLC, a real estate and hospitality group owned by Dubai Holding, received a second extension on repayment of a $555 million credit line, the company said in a statement today. Dubai International Capital LLC, a unit of Dubai Holding, in May got a three-month extension on a $1.25 billion loan until Sept. 30.
Dubai racked up $109.3 billion of debt to transform the emirate into a tourism, trade and financial-services hub, according to International Monetary Fund estimates. Dubai World is in talks with about 70 lenders to alter terms on $23.5 billion of debt.
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