GGICO has once again restructured its debt, this time to the tune of Dh2.1 billion. Pawan Singh / The National
GGICO has once again restructured its debt, this time to the tune of Dh2.1 billion. Pawan Singh / The National

Business

Dubai's Gulf General Investment gets Dh2.1bn debt restructuring

The company is looking to divest its non-core assets and to trim losses

Dubai-listed Gulf General Investment Company (GGICO) completed a Dh2.1 billion debt restructuring deal, the company said on Friday.
"Driven by market conditions, we have obtained enough time until 2023 to dispose of our non-core assets in an organized and structured manner and to retire the debts," said Abdalla Al Sari, company chairman.
He said that GGICO will focus on its core assets with very low leverage.

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The company's portfolio includes a wide variety of sectors from property to oil lubricants. GGICO is also the developer onboard Dubai Sports City, a 50-million square foot community, that targeted middle-income families.
This isn't the first restructuring the company has undergone, previously renegotiating Dh2.9bn in financial commitments in 2012. However, the latest economic downturn hinging on the low oil prices have pushed GGICO to revisit debt restructuring last year.
Losses widened for the company in the second quarter to Dh41 million compared to losses of Dh21.6m the same period last year while revenues halved to Dh111.3 in the three months to June.
The company has also lost speed with shares averaging, to 36.7 fils for September compared to 52.5 fils for the same month last year, according to Bloomberg data.

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The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
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  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

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Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

On racial profiling at airports