Restructuring talks have been going on for the past two years, after Dubai Group missed payments on loans in 2010. Sarah Dea / The National
Restructuring talks have been going on for the past two years, after Dubai Group missed payments on loans in 2010. Sarah Dea / The National

Unit's restructuring shifts focus to Dubai Holding



Bankers are optimistic that a full-scale restructuring of the US$10 billion (Dh36.72bn) debts of Dubai Group could be imminent following the settlement of a legal action against a unit of the conglomerate.

Royal Bank of Scotland and three other international banks have agreed terms to restructure debts of Dubai Group, the financial arm of the holding company, that would involve their dropping a controversial legal action against the Dubai company.

One banker said: "It was essential to remove this obstacle before we could proceed to consider the wider picture. Now common sense has prevailed on this legal issue, serious talks can begin on the bigger figure."

He spoke anonymously because his bank is involved in the restructuring negotiations.

Dubai Holding, the parent company of the financial investment unit Dubai Group, has agreed to pay back lenders at 18.5 cents in the dollar and to assume responsibility for their debts.

The deal could be part of a wider agreement among some 35 other banks owed about $1.5bn by Dubai Group, which have been offered the same terms, according to banking sources.

Neither the banks nor Dubai Group would comment officially on the possible deal. RBS, Germany's Commerzbank and Standard Bank of South Africa began legal arbitration against Dubai Group in London last year, in a rare case of legal action against a Dubai government-related entity. They were later joined by Commercial International Bank of Egypt in the action.

If the deal proceeds - it is still subject to agreement by other creditors to Dubai Group - analysts believe it could help unlock a resolution to some $10bn of Dubai Holding debt. Restructuring talks about this have been going on for the past two years, after Dubai Group missed payments on loans in 2010.

Meanwhile, a report yesterday said that Amlak Finance, the Islamic mortgage company part-owned by Emaar Properties, is in talks with creditors to restructure about $2bn.

The company, whose shares have been suspended since November 2008, is negotiating with a committee of five banks representing creditors, bankers told Bloomberg News, declining to be identified because the matter is private. PricewaterhouseCoopers is advising Amlak on the talks, according to the people.

Emirates NBD, the UAE's largest bank by assets, is chairing the coordinating committee, they said.

Standard Chartered, National Bank of Abu Dhabi and Dubai Islamic Bank are the remaining members, they said.

* with agencies

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

WORLD CUP SEMI-FINALS

England v New Zealand

(Saturday, 12pm UAE)

Wales v South Africa

(Sunday, 12pm, UAE)

 

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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

NBA Finals so far

(Toronto lead 3-1 in best-of-seven series_

Game 1 Raptors 118 Warriors 109

Game 2 Raptors 104 Warriors 109

Game 3 Warriors 109 Raptors 123

Game 4 Warriors 92 Raptors 105

Company%20Profile
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

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MATCH INFO

Hoffenheim v Liverpool
Uefa Champions League play-off, first leg
Location: Rhein-Neckar-Arena, Sinsheim
Kick-off: Tuesday, 10.45pm (UAE)

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

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