An investment firm owned by Dubai’s ruler says it has reached a deal with leading creditors to extend the terms on $2.5 billion worth of debt.

Dubai International Capital said on Friday the deal will give it six more years to pay back USD2 billion of the debt and four more years for another USD500 million.

The deal was reached “in principle” with lenders representing the bulk of the debt and must still be approved by smaller creditors.

DIC is also naming its 41-year-old chief investment officer David Smoot as CEO, replacing Anand Krishnan.

The firm is part of conglomerate Dubai Holding, of which TECOM – responsible for Malta’s SmartCity project and which runs Maltese telecommunications firm GO – also forms part.