Dubai Group LLC, an investment company owned by the emirate’s ruler, agreed on final terms to restructure $6 billion of debt with its main lenders, helping extend a rally in the shares of the sheikhdom’s biggest bank.
Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum said his Godolphin stables in Britain won’t participate in races until all the horses pass drug tests after 11 of the thoroughbreds were barred because of doping.
Dubai may make a payment toward its $20 billion loan to neighboring Abu Dhabi and the United Arab Emirates central bank next year as the emirate’s economic recovery solidifies, according to Bank of America Corp.
Dubai World, the state-owned holding company seeking to alter the terms on $14.4 billion of bank debt, may raise as much as $19.4 billion in eight years by selling assets, a person with knowledge of the matter said.
Dubai named Sheikh Ahmed bin Saeed Al Maktoum, head of Emirates airline and uncle of the state’s ruler, as chairman of Dubai World in a board revamp a year after the company said it would halt loan repayments, roiling markets.