Dubai banks have said they do not expect financial fallout from the AED 4.27 billion ($1.16 billion) debt conversion deal between DXB Entertainment (DXBE) and developer Meraas.
Emirates NBD and Dubai Investment Bank both made statements to Dubai Financial Market (DFM) saying they were aware of DXBE’s resolution to transfer its debt to Meraas in exchange for share capital, but no adverse impact was expected.
DXBE, which operates Dubai Parks & Resorts, saw losses widen to AED 7.8 billion in 2020 following months of closures and measures to restrict the spread of COVID-19
Its shareholders agreed to accept the debt deal from Meraas last week.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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