Drydocks World, the ship repair business owned by Dubai World, has secured US$200 million (Dh734.5m) in loans to cover working capital over the next three months.
The agreement, announced by WAM, the state news agency, has been signed with seven of Drydocks World's existing creditors and is on a secured basis.
The announcement also confirmed the company was in talks with creditors to restructure the rest of its liabilities.
Drydocks World is among several businesses excluded from the restructuring of $24.9 billion of debts held by Dubai World. The conglomerate is in the final stages of completing a deal to extend repayment terms on lower interest rates with more than 90 regional and international banks.
JP Morgan, the US investment bank, recently calculated Drydocks World had outstanding near-term liabilities of $1.7bn, due to repaid in November.
The Dubai Government statement said the $200m facility "is available for drawing to provide working capital instruments [for example, refund guarantees and performance bonds] to [Drydocks World's] trading counter-parties in relation to new and existing contracts".
"This facility is an important demonstration of the ongoing support for [Drydocks World] from our key banks," said Khamis Juma Bu Amim, the chairman of Drydocks World and its sister company, Maritime World.
"It will enable the company to continue to provide high-quality services to its customers from its yards in Dubai, Singapore and Indonesia.
"[Drydocks World] is about to enter into discussions with representatives of its lenders to amend the terms of its core syndicated debt facility as well as for the provision of new long-term working capital facilities. This process is likely to be concluded in the coming months."
Other parts of Dubai World outside the restructuring include the property company Limitless, the utility business Palm District Cooling, and Port and Free Zone World (PFZW).
Combined, these three entities have debts of $2.7bn maturing between March and September this year.
Limitless is already in discussion with creditors over its $1.2bn debts. The status of discussions over Palm District Cooling's $500m liability is unknown.
PFZW is the intermediate holding company between Dubai World and DP World, the international logistics business quoted on Nasdaq Dubai and planning to list on the London Stock Exchange this year.
JP Morgan said dividends from DP World ($110m in 2009) appeared to be the only source of cash flow for PZWF, which also owns the Jebel Ali Free Zone Authority.
fkane@thenational.ae
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
Mobile phone packages comparison
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
