Dubai Holding Commercial Operations Group, part of Dubai Holding, has arranged a five-year refinancing for its $555m loan deal.

The loan is with the UK’s Royal Bank of Scotland, Standard Chartered and the US’ Citigroup. The deal replaces an existing $555m revolving credit facility with a new five year loan.

The refinancing was put in place just in time for the facility’s 30 December maturity. That was an extension from a previous repayment date of 30 November.

Dubai Holding is majority owned by Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum. Several divisions of the company, including private equity investment firm Dubai International Capital, and financial services investment arm Dubai Group, are also in the process of restructuring their debts.