Dubai Group has signed a $10bn debt restructuring deal with creditors, marking the end of three years of negotiations.

The investment firm reached a final agreement with lenders on approximately $6bn of bank facilities, as well as restructured another $4bn of intercompany loans.

The Dubai Holding unit, owned by the emirate’s ruler Sheikh Mohammed bin Rashid al-Maktoum, has between three to 24 years to pay its creditors. That will buy the company time to sell off some of its assets, which are expected to recover in value in the coming years as Dubai’s economy gets back on track.

“Now that all the restructuring required in Dubai Holding Investment Group is completed, we can focus without distraction on growing the Group’s commercial operations and enhance further its role in supporting Dubai’s growing economy,” says Ahmad bin Byat, chief executive officer of Dubai Holding.

The deal, the result of one the emirate’s largest on-going debt negotiations, comes after a group of banks launched a lawsuit against Dubai Group in 2012 for defaulting on an unsecured $1.5bn syndicated loan. It was dropped after four banks accepted an offer to be bought out at 18.5 cents for every dollar owed.

Dubai’s economic recovery has allowed the government to restructure or pay off some of its largest loans in recent years.

In 2010 Dubai restructured $25bn of debt associated with Dubai World and Nakheel in 2010, and repaid or refinanced several large maturities during 2012.