Dubai Holding has hired financial consultants to review the finances of two of its largest units.

This follows moves by Dubai World, another of the emirate’s three major government-owned conglomerates, to seek fresh terms on US$24.8 billion (Dh91.09bn) of loans last year.

A source familiar with the company’s plans confirmed a report by the Financial Times that Dubai Holding had hired financial consultants to review the books of its Dubai Group unit and Dubai International Capital (DIC), which has investments in companies such as the Madame Tussauds waxworks museums and Travelodge hotels. DIC has appointed Deloitte while Dubai Group has hired KPMG.

The accounting companies are being asked to evaluate the subsidiaries’ financial health and make recommendations that could include pushing for lower interest rates and delaying debt repayments.[Read More]