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Dubai investment fund restructures $2.4B in debt

DUBAI, United Arab Emirates (AP) — An investment fund controlled by Dubai’s ruler says it has reached a deal with creditors to rework the terms on $2.4 billion worth of debt.

Spokespeople for Dubai International Capital confirmed Saturday that the restructuring deal has been agreed to, without giving further details. They spoke on customary condition of anonymity.

DIC is part of ruler Sheik Mohammed bin Rashid Al Maktoum’s Dubai Holding conglomerate. Its investments include stakes in British hotel chain Travelodge Group and precision engineering company Doncasters Group.

Dubai officials have been seeking new terms on tens of billions of dollars in state-linked debt since the emirate’s financial crisis sent shockwaves through global markets two years ago.

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