International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
The head of operations at investment firm Dubai Holding, Fadel al-Ali's portfolio and contact list run quite long.
December 12, 2009 3:41 by kippreport
In June this year, the Dubai Banking Group (DBG) said that it had initiated legal proceedings against Dubai-based lender Shuaa Capital to recover the capital it invested in a $409 million bond. “Since it has become clear that a resolution is not possible at this time, we have no choice but to pursue litigation in order to redeem our original investment in the company and other amounts outstanding, including interest,” Ali, DBG chairman, said in a statement at the time.
The chairman of Shuaa Capital, Majid Saif al-Ghurair replied in a statement saying: “This is not an unexpected development as DBG had earlier indicated its willingness to file such a claim.”
“This is their right, as in the case of any commercial dispute. We believe in the rule of law,” he said.
But the two companies managed to sort out the issue by August this year, with Shuaa Capital requesting the Dubai Financial Market to issue 515 million new shares to DBG. The shares represent a 48.4 percent stake of Shuaa’s share capital.
Apart from heading Shuaa Capital, al-Ghurair is also CEO of the Al Ghurair Group of Companies, which has businesses spanning trade, industry, manufacturing and real estate.