The Dubai government has pumped
$2bn into Dubai Holding, taking control of
the conglomerate’s financial restructuring, the Financial Times
said on Tuesday.
The newspaper quoted Mohammed Al Shaibani, director of the
Ruler’s Court, the body that coordinates the activities of
government departments, as saying the government has already
injected $2bn into Dubai Holding and is willing to put
more capital into the loss-making conglomerate.
“I don’t want to put any more money in as the government,
but I will do it as and when it’s required,” he said.
The government also expects banks to accept some of the
pain, as was the case in the Dubai World restructuring, Shaibani told the newspaper in an interview.
He said banks could expect to win advisory deals as the
government considered future asset sales and privatisations.
“Priority will definitely go to banks that have been very
supportive – we are very loyal customers,” he said.
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