GGICO inks $584m debt restructuring deal

01/10/2017 07:34 AST

Dubai-based Gulf General Investment Company (GGICO) said it has completed a Dh2.1-billion ($584 million) debt restructuring after reaching an agreement with majority of its creditors.

Established in 1973, GGICO is a conglomerate listed publicly in the Dubai Financial Market, with widely diversified activities in real estate, retail, hospitality, financial services, manufacturing and services.

Chairman Abdalla Juma Al Sari said this was a win-win deal both for GGICO and the creditors. "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. Subsequently, the company will focus on its core assets with very low leverage," he noted.

Al Sari thanked all the creditors, steering committee members and its chairman Bruno Navarro besides the financial advisor PricewaterhouseCoopers, Legal Counsel M/s. Al Tamimi and Company, Legal Counsel of the creditors M/s. Allen & Overy, the security agent Deutsche Bank and the company Management for achieving this milestone.


Trade Arabia

News

Gulf General Investment Company in talks to restructure debt

02/04/2018

Gulf General Investment Company (GGICO) is in talks with lenders to restructure loan and credit facilities after defaulting on a payment linked to $585.5 million (2.15 billion dirhams) of debt at the

Arab News

GGICO to hand over Dubai Silicon Oasis homes

21/12/2017

Gulf General Investment Company (GGICO), a Dubai-based diversified conglomerate, said it will start handing over the one-bedroom apartments at its Topaz Residences Tower 1 project located in Dubai Si

Trade Arabia

GGICO signs debt restructuring with creditors

30/09/2017

Dubai-based Gulf General Investment Co. PSC (GGICO) announced that it has completed a Dh2.1 billion ($584 million) debt restructuring after obtaining agreement from the majority of its creditors.

Gulf News

Most Viewed Companies

Ticker Price Volume

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
ALMUTAHED 0.00 0.00 (0.00%)
ALMAL 0.00 0.00 (0.00%)
ALAMAN 0.00 0.00 (0.00%)
MASSALEH 0.00 0.00 (0.00%)
INVESTORS 0.00 0.00 (0.00%)

Recent News

NBB plays key role as Joint Lead Manager in Bahrain's $1bn sovereign bond issue

18/06/2026

National Bank of Bahrain (NBB) acted as Joint Lead Manager and Bookrunner in Bahrain's successful $1 billion 10-year international bond issuance.

The bank's involvement reinforces its role

Trade Arabia

NBK launches rewarding cashback offers for new credit card customers

18/06/2026

As part of its firm commitment to providing a seamless and comprehensive digital banking experience, and its continuous dedication to rewarding its customers and delivering added value that meets the

Kuwait Times

Al Mohafaza Education Reschedules Interest-Free Loan with Related Party

17/06/2026

Al Mohafaza Company for Education has announced the rescheduling of an interest-free loan obtained earlier this year from Maroum Drilling Medical Services Company, a related party. The loan, valued a

Gulfbase

Dar Al Majed Real Estate Expands Presence with New Jeddah Sales Center

17/06/2026

Dar Al Majed Real Estate Company, known commercially as Al Majdiah, has announced the official opening of its new sales center in Jeddah. The facility is strategically located on King Abdulaziz Road

Gulfbase

NBB unveils Summer Cashback Campaign

17/06/2026

THE National Bank of Bahrain (NBB) has launched its Summer Cashback Campaign, offering credit cardholders the opportunity to maximise their international spending during the peak vacation season.

GDN Online

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap