'Dubai Holding not a big borrower'

Abu Dhabi Commercial Bank's (ADCB) Chief Executive Officer said yesterday the lender doesn't count Dubai Holding as a big borrower.

"If you look at the balance sheet and other statements, Dubai Holding isn't present there as a big borrower," Alaa Eraiqat said in response to a question from a shareholder at the bank's annual general meeting on whether there are concerns about lending to Dubai Holding.

ADCB is among the largest UAE bank creditors to Dubai World, the Dubai government group that in November sought a standstill agreement for $26 billion (Dh95.4bn) worth of debt. He said Dubai's $9.5bn rescue plan for the conglomerate is "extremely positive".

"The offer demonstrates the support of the Dubai government, it is extremely positive," Eraiqat told reporters.

HSBC, one of the largest creditors to Dubai World, said yesterday it backed the Dubai World restructuring plan, and expected positive results.