Business | Economy
Dubai government welcomes acceptance of proposal
"The government of Dubai welcomes this important milestone, which is the result of considerable efforts," the statement said
- Staff Report
- Published: 15:50 May 20, 2010
Dubai: Dubai government has welcomed the acceptance of Dubai World’s financial restructuring proposal by the creditors who holds about 60 per cent of the debt.
Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said in a statement on Thursday: “Dubai World has today announced that headline economic terms for its restructuring have been agreed in principle with the Coordinating Committee, accounting for a majority of the company’s financial creditors, and the Government of Dubai. A final proposal reflecting these terms will now be submitted by the Coordinating Committee to all of Dubai World’s lending banks.
“The Government of Dubai welcomes this important milestone, which is the result of considerable efforts from a large number of stakeholders who all share a common interest in Dubai’s future.”
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