Drydocks World nears completion of debt talks

Davos: Preparations for settling with the creditors of Dubai's Drydocks World are 90 per cent achieved, Mohammad Al Shaibani, Executive Director and CEO of Investment Corporation of Dubai, told Gulf News at the World Econ-omic Forum in Davos.

Drydocks World is being seen as an important test of the markets' appetite for taking on bonds from Dubai in a year that the emirate and various government-related entities are facing repayments and roll-overs of more than $9 billion (Dh33.03 billion).

In a quietly confident comment, Al Shaibani expected that the various Dubai institutions that have bonds going to the markets in 2012 would be able to meet their obligations this year. "We will do it, and the work has been going on for some time," he said.