FACTBOX-Dubai Holding new focus of emirate’s debt pile

May 27 (BestGrowthStock) – Dubai International Capital (DIC), the
private equity unit of flagship conglomerate Dubai Holding, is
seeking a three-month debt delay, it said on Thursday, in the
latest blow to the emirate’s financial image. [ID:nLDE64Q1PJ]

Here are some key facts about Dubai Holding:


DHCOG, a unit of Dubai Holding, delayed its 2009 results in
April while trading in its Islamic bond, listed on Nasdaq Dubai,
was halted on May 2. The delay was extended on May 16, with
DHCOG citing complexities in consolidating results of its units.


In August, Dubai Holding announced a reorganisation plan
that condensed seven of its entities into four: property,
business parks, hospitality and investments. [ID:nLM43368]


At its peak in 2007/2008, the investment arm of Dubai
Holding held assets of about $13 billion. During the global
financial crisis, it opted to focus more on regional expansion.
Some of the company’s investments through its entities include,
Sony (6758.T: ), EADS (EAD.PA: ), Doncasters and Travelodge UK.


Manager of the sail-shaped Burj al-Arab hotel in Dubai, the
group is looking to have 60 hotels under construction or
operation by 2012.


Tecom, which has developed media and Internet business
parks, is home to hundreds of multinationals. It has a 20
percent stake in telecom operator du (DU.DU: ). The group was
embroiled in an arbitration process with a U.S. private equity
firm over a $1.3 billion property development in Dubai.


The group is a financial services company of Dubai Holding
focusing on banking, investments and insurance both regionally
and globally. It is made up of six units with subsidiaries and
affiliates in 14 countries. Investments include Dubai-based
investment bank Shuaa Capital (SHUA.DU: ), Greece’s Marfin
Investment Group (MRBr.AT: ), and Australia’s Citigold Corp
(CTO.AX: ).


Dubai Holding said last year it had merged the portfolios of
its property units to cope with the impact of the economic
crisis. Dubai Properties has mainly focused in multi-skyscraper
developments. Tatweer’s projects include Tiger Woods Dubai, a
healthcare city and Dubailand, a 3 billion square foot
development to rival Walt Disney World in the U.S. Sama Dubai is
the overseas development arm of Dubai Holding and has put on
hold most of its projects.


Mohammed al-Gergawi is chairman of Dubai Holding. He is also
the United Arab Emirates Minister of Cabinet Affairs and was one
of Sheikh Mohammed’s closest aides before he was removed from
the board of Investment Corp of Dubai last year, along with
Emaar Properties chairman Mohammed Alabbar and Dubai World
chairman Sultan Ahmed Bin Sulayem.

Investing Research

(Compiled by Jason Benham; Editing by Thomas Atkins and David

FACTBOX-Dubai Holding new focus of emirate’s debt pile