Dubai Holdings problems have no bearing on SmartCity Malta - Tecom

Tecom Investments in a two-sentence statement this afternoon said it was committed to SmartCity Malta, which remains on track to be inaugurated on October 10 this year.

“Any news related to other Dubai Holding entities has no impact on SmartCity Malta or its operations.”

Tecom did not say what it was referring to, but international media have been reporting that Dubai International Capital, the private equity arm of Dubai Holding – which includes Tecom - has asked creditors for a three-month extension on a $1.2bn loan due this month.

Creditors, including HSBC, are reportedly expected to force Dubai International Capital to sell assets to raise funds to repay the loan.

However, a group of international banks, are in talks with the company on restructuring that would see debt repayments extended.