The 6.9km stretch that normally takes 4 minutes to cross, is now taking motorists on the route up to 35 minutes
uae2 hours ago
“The offer demonstrates the support of the Dubai government, it is extremely positive,” ADCB Chief Executive Ala’a Eraiqat told reporters on the sidelines of the bank’s annual general meeting.
HSBC, also one of the largest creditors to Dubai World, said earlier on Tuesday it backed the Dubai World restructuring plan, and that it expected positive results soon.
“We are examining it right now. There is a lot to be examined, and thoroughly examined, and there are a lot of implications so we are working on that,” Eraiqat said.
He said the proposal sets “some interest rates” but declined to comment on whether the bank is being given an option on maturities.
“In principle, the offer demonstrates the support of Dubai government to its company, which is something that was expected and which we think is very positive,” he said.
He said ADCB doesn’t count Dubai Holding as a big borrower. “If you look at the balance sheet and other statements, Dubai Holding isn’t present there as a big borrower,” Eraiqat said in response to a question from a shareholder at the bank’s annual general meeting whether there are concerns about lending to Dubai Holding following debt restructuring at Dubai World.
ADCB is among the largest UAE bank creditors to Dubai World that in November sought a standstill agreement for $26 billion worth of debt.
Eraiqat said ADCB was also working to recover “legally and through due process” some loans extended to troubled Saudi conglomerates Saad Group and Ahmed Hamad Al Gosaibi Bros. & Co. The groups defaulted on several debt obligations last year. International and regional banks cold have about $20 billion in exposure to the two groups, according to some analyst estimates.
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