Dubai Group, part of a conglomerate owned by the emirate's ruler, is nearing a debt deal with its lenders and an agreement may be signed within the second quarter, the head of one of its creditor banks said.
Financial services firm Dubai Group, a unit of Dubai Holding, set up a bank committee for debt restructuring talks last year. It has missed at least two scheduled payments on separate loans.
"We are at the final stages. We are happy with the progress. We expect a few minor details to be ironed out but we expect the deal to be signed," said Hussain Al Qemzi, chief executive of Noor Islamic Bank, one of the banks on the creditor committee.
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