Holding-on…

8 December 2009 By Una Galani Follow @ugalani

The personal vehicle of the emirate’s ruler is heavily exposed to property and its estimated $7 billion of debt doesn’t have a sovereign guarantee. If Dubai Holding wants to reassure investors that it isn’t the next Dubai World, it could start by answering these questions.

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Dubai Holding is most at risk of defaulting on its debts after Dubai World, according to a research note published last week by analysts at Barclays Capital.

The personal investment vehicle of the emirate's ruler, Sheikh Mohammed bin Rashid alMaktoum, has $1.9 billion due for repayment next year, the report says.

Fitch last week cut the credit rating of Dubai Holding Commercial Operations Group, a whollyowned subsidiary of Dubai Holding, to BB, two levels below investment grade.

On November 25, Dubai World, one of the government's main holding entities, said that it would ask its creditors for a six month standstill agreement.

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