Dubai government walks away from restructure deal

Elliot Lane

Talks between the Dubai government and one of its largest conglomerates, Dubai Group, have stalled over plans to restructure its $10bn debt.

The group, which is one of three companies owned by Dubai Holdings and backed by the ruler of Dubai Sheikh Mohammed bin Rashid, has been in crisis negotiations with the Emirate's Supreme Fiscal Committee (SFC) over paying back its creditors.