Dubai Holding Unit Delays 2009 Results Again

Dubai Holding Commercial Operations Group, or DHCOG, the real estate and hospitality arm of Dubai Holding LLC, said it was delaying its full-year results again “due to complexities in consolidating results” of its units. In April, the company delayed its 2009 financial results by two weeks to May 16, and on May 2, halted trading in its Islamic bond, listed on Nasdaq Dubai, pending the annual results. DHCOG said the annual results were delayed due to the complexities of consolidating the financial results of its various operating businesses across multiple geographies. DHCOG said in a statement to the Nasdaq Dubai Web site on Sunday that the voluntary suspension of its Islamic bonds in Nasdaq Dubai will continue until the company releases its 2009 financial statements and annual report on or before May 31. Parent company Dubai Holding owns a substantial portfolio of well-recognised brands, locally and internationally, in the property and hospitality sectors, organised under three major groupings: DHCOG, Dubai International Capital and Dubai Group. On Saturday, Moody’s Investors Service was quoted as saying that DHCOG has access to other funds should banks decline to roll over a $555 million credit facility due in July.

Dubai Holding Commercial “is currently looking to rollover this facility and is negotiating commercial terms with existing banks,” Moody’s said in a report e-mailed yesterday. The company “has confirmed that it has other sources of funds to tap into if needed and that it is in continuous engagement with the government on its financial position,” Moody’s said. Dubai Holding Commercial also confirmed it engaged an international consulting firm to refine its three-year business plan and that the hiring “is not related to any restructuring of its direct debt obligations,” Moody’s statement said.