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Dubai World to repay interest, then loan installments – paper
Formal deal has been reached on almost $25 billion.
September 12, 2010 10:56 by Reuters
Dubai World will repay interest on loans to creditors and then the loans themselves in instalments, a government official was quoted as saying, after the state-owned conglomerate reached a formal deal to restructure almost $25 billion of debt.
The restructuring agreement with over 99 percent of creditor banks will rebuild confidence in Dubai’s economy and marks a new start for the debt-struck emirate, Ahmad Humaid al-Tayer, a key player in Dubai’s government and corporate landscape, told the Arabic daily al-Bayan in an interview published on Saturday.
“The repayment process will begin with the payment of interest rates, and then loan instalments, which will also depend on the nature of each loan as some of the loans are consolidated credits, while some are bilateral and some are bonds,” Tayer told the paper.
Tayer is also a member of Dubai’s fiscal committee and chairman of Dubai’s largest bank, Emirates NBD.