Dubai International Capital LLC, an investment company owned by Dubai’s ruler, plans to restructure its business by the end of the year, Chief Investment Officer David Smoot said.
“Our goal is to be out of the restructuring business by the end of the year and back into the growth phase,” Smoot told reporters in Abu Dhabi today.
Dubai’s state-owned companies are struggling to repay loans as the worst financial crisis since the 1930s froze credit markets and prevented them from raising new debt. Dubai World, one of the emirate’s three state-owned holding companies, announced last month that it had reached a deal with 99 percent of its creditors to alter the terms on $24.9 billion of loans.
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