Dubai International Financial Centre Investments, the commercial arm of the financial free zone, posted losses of US$247.7 million last year compared with a loss of $561.4m in 2009, as it wrote down the value of property.
The company has been trying to lower debts and sell off assets this year, it said, adding it had renegotiated $1 billion (Dh3.67bn) worth of loans with the Government of Dubai as it looked to sell assets and lower its debts.
The Government has deferred principal and interest payments on the two loans, which are worth $500m each. One was due in total in 2013, but repayment has been postponed until April 2014. The other was due in two payments - this month and in May 2013, but interest payments have been changed to later this year.
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