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Dubai Holding to restructure with haircuts, fresh funds-FT

Dubai government has pumped $2 billion into Dubai Holding-FT.

November 16, 2010 11:49 by

The restructuring of Dubai Holding will see banks taking a haircut and an injection of fresh government funds into the state-linked conglomerate, the vice chairman of Dubai’s top fiscal body told the Financial Times.

“It’s always like this, yes. The basic scenario, everybody has to chip in, everybody has to contribute, keeping in mind the long-term relationship,” Mohammed al-Shaibani said, according to a transcript of his interview published on its website.

So far, the government has pumped $2 billion into Dubai Holding, Shaibani, who is also the director of the Dubai ruler’s court, told the FT.

(Reporting by Raissa Kasolowsky)

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