Dubai Holding Commercial Operations Group, the property and hospitality wing of Dubai Holding, has been given a two-month extension on a US$555 million (Dh2.04 billion) revolving credit facility that matures this month, to give it time to renegotiate the facility.
The facility was extended at commercial terms and is needed to facilitate the finalisation of the documentation to renew the facility, Dubai Holding said in a statement posted on the Nasdaq Dubai website today.
On June 30, Dubai Holding Commercial had its debt ratings cut by Moody's Investors Service from B1 to B2, the fifth- highest non-investment grade. The ratings remain under review for further possible downgrade, according to Moody's.
Dubai Holding Commercial reported a full-year loss of Dh22.8 bn on June 1, down from a profit a year earlier of Dh10bn after property prices plunged. Impairment charges for the year almost tripled to Dh22.5bn from Dh7.6bn in 2008, while revenue dropped by almost a third to 9.5 billion dirhams from 13.2 billion dirhams.
Dubai Holding, Dubai Holding Commercial's parent, and its subsidiaries owe banks $12bn and have begun talks to roll over some loans, a person with knowledge of the matter said on May 10. Almost three quarters of the loans have been racked up by Dubai Holding's two investment companies, Dubai Group and Dubai International Capital, the source said.
* Bloomberg
What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.