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Dubai Holding’s Emirates International Telecommunications unit is in talks with banks to raise about Dh2.1 billion ($572 million) to refinance an existing loan, according to two people familiar with the matter.
The company, which owns stakes in Axiom Telecom and Du, is speaking to lenders including Emirates NBD, Noor Bank and Commercial Bank International about a club loan, said the people, asking not to be identified because the information is private. The facility would be backed by EIT’s telecom stakes, the people said.
The company has loans worth Dh2.1 billion maturing in 2020, according to data compiled by Bloomberg. EIT declined to comment. Dubai Holding agreed in December to sell EIT’s 35 per cent stake of Tunisie Telecom to buyout firm Abraaj Group.
The 30th edition of the IMD World Competitiveness Yearbook, saw a slight decrease in the ranking of the Kingdom of Saudi Arabia, moving down three places, and landing on 39th.
Saudi Arabia’s “ambitious” reform program is set to accelerate the Kingdom’s economic growth this year, according to the International Monetary Fund (IMF).
Following discussions with Saudi
Recovery continues on the real estate market in the Sultanate with sales showing a robust growth in the first four months of 2018, compared to the same period of last year.
Times of Oman
According to the World Competitiveness Yearbook 2018, which it is annually published by the International Institute for Management Development (IMD), Qatar ranked highly in the report, included: econ
The Central Bank of the UAE (CBUAE), on Wednesday published the Financial Stability Report for the year 2017. The report provides information on the strengths and vulnerabilities of the UAE financial
The Gulf Today