Take stock – May 31

Dubai will ride out its latest financial troubles without a federal bailout for another major investment company seeking postponement of debt repayments, the UAE’s finance chief said Saturday after the request raised new concerns about the city-state’s credit woes

ATMOSPHERE

No. 300, 5001 19th St.

(Southpointe Common)

Red Deer

• Owner

The Forzani Group Ltd.

• Type of business

Retail store specializing in outdoor and lifestyle products.

THE ROCK WOOD FIRED PIZZA AND SPIRITS

40B, 5250 22nd St.

(Gaetz Avenue Crossing)

Red Deer

403-309-7365

• Manager

Curtis Kiriakides

• Type of business

Full-service casual dining restaurant specializing in gourmet wood-fired pizza.

• Opening date

May 2

New business that have opened in Central Alberta within the past three months and wish to be listed here can send their information to Harley Richards by email (hrichards@bprda.wpengine.com) or fax (403-341-6560).

Correction

A story in Saturday’s business section headlined ‘Cooper takes over at airport’ contained incorrect information. Former Red Deer Regional Airport manager Liam O’Connell, and not Airport Authority board vice-chairman Bev Hughes, is a mechanical engineer who previously worked as a project engineer with an oilsands venture company.

UAE predicts dubai can ride out crunch

Dubai will ride out its latest financial troubles without a federal bailout for another major investment company seeking postponement of debt repayments, the UAE’s finance chief said Saturday after the request raised new concerns about the city-state’s credit woes. Dubai International Capital, an investment company controlled by Dubai’s ruler asked lenders for a three-month extension on repaying some of its debt. It did not provide details of the debt involved except to say the request involves “certain maturities.”

The company has a $1.25 billion loan coming due in June.

Sultan bin Saeed al-Mansoori, the Emirates’ finance minister, said the Abu Dhabi-based federal authorities were not “interfering” in DIC’s woes and predicted the company will not need major restructuring or a bailout to overcome its financial problems.

Federal aid and a significant makeover were required for Dubai World, after the city-state’s main investment engine shook financial markets last year when it couldn’t meet its substantial debt payments.

“I don’t expect a massive restructuring (of DIC),” al-Mansoori told a news conference, adding that there was no “no need to overreact” to the company’s request Thursday to postpone some of its debt payments until Sept. 30.

“I do believe they will be able to meet requirements,” al-Mansoori said.

He praised Dubai World’s restructuring efforts. “I applaud them for the process taken to solve the (debt) problem,” al-Mansoori said.

Last week the Dubai World said it had won support for its $23.5 billion restructuring plan from leading lenders. Dubai officials have since outlined the need for further financial reforms.

DIC is part of a holding company owned directly by Dubai’s ruler, Sheik Mohammed bin Rashid Al Maktoum. Its holdings include British hotel chain Travelodge, medical imaging equipment maker Alliance Medical and precision engineering company Doncasters Group.

On the future economic prospects for the oil-rich Emirates, al-Mansoori said Saturday that the country expects 2.5 per cent growth this year, compared with 1.3 per cent last year as the global economic crisis ended Dubai’s boom years.