Dubai Financial Group, a subsidiary of diversified financial services company Dubai Group, has sold its 30.5 per cent stake in Bank Islam to BIMB Holdings, a Malaysia-based investment holding company.
The agreement was signed betw
Dubai Group, an investment vehicle owned by the emirate's ruler, will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, a top official said.
Dubai Group's $10 billion debt restructuring will be managed by the head of another state-linked firm while two banks will have a monitoring role to ensure more oversight from creditors, sources aware of the matter said.
An Omani sovereign wealth fund is in advanced talks to buy a near 42-percent stake in Oman National Investment Corp Holding (Onic) from a unit of Dubai's ruler's personal investment firm, two sources aware of the matter
Dubai Group, a struggling unit of the ruler of Dubai's personal investment firm, has settled with banks who brought legal action against it to secure repayment of their share of $10 billion of debt, raising hopes a wider restructuring can no
Dubai Group, an investment vehicle restructuring $10 billion of debt, is in talks to sell its stake in Oman National Investment Corp Holding (Onic), three sources aware of the matter said on Wednesday.
Dubai Group, part of Dubai H
Dubai Group, part of the ruler of Dubai's personal empire, has cut half its staff of about 30 people as part of cost-cutting measures in its $10 billion restructuring, three sources told Reuters on Monday.
Foreign lenders are threatening Dubai with a fresh debt headache. The UK's Royal Bank of Scotland, South Africa's Standard Bank and Germany's Commerzbank have launched a lawsuit against Dubai Group, an entity owned
Dubai Group is in talks to sell its 45 per cent stake in a joint venture firm with cement maker Lafarge, two sources familiar with the matter said, as the state investment vehicle sells assets to repay its $10 billion debt pile.
Royal Bank of Scotland (RBS) and two other banks have begun legal proceedings against an investment vehicle owned by Dubai's ruler, an unprecedented move to secure repayment after two years of unsuccessful debt talks.