Business | Economy
Dubai World to present restructure plan soon
Proposal to consider long-term interests of banks and contractors
- Bloomberg
- Published: 00:00 March 17, 2010
Dubai: Dubai World will present a ‘fair' plan to restructure about $26 billion (Dh95.4 billion) of debt as it needs the creditors and contractors for the long-term, the chairman of the Dubai Supreme Fiscal Committee said.
The restructuring proposal will be announced "very soon" and will be drawn up considering the long-term interests of the banks, contractors and Dubai, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group, and Chairman of the Dubai Supreme Fiscal Committee, said in an interview in Dubai yesterday.
"At the end of the day we need everybody, they need us also; we have projects that will be started in the near future for the long-term."
Dubai World, one of the emirate's three main state-owned business groups, said on November 25 it would seek to delay repaying debt until at least May 30. Dubai World and its property units Nakheel PJSC and Limitless World used loans to finance real estate projects.
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