Economic recovery in Dubai is pushing both creditors and debtors to weigh new strategies in the $25 billion restructuring of state-owned Dubai World, one of the Middle East's largest ever debt deals.
The conglomerate has begun
Dubai World, one of the emirate's big state-owned conglomerates, has made a second early repayment worth around $300 million under its $25 billion debt restructuring plan, sources familiar with the matter said on Thursday.
Conglomerate Dubai World has hired New York-based investment and advisory firm Blackstone Group LP to take a fresh look at its debt and how to make repayments to creditors, sources aware of the matter told Reuters.
"This is o
Dubai World, the conglomerate at the centre of the emirate's debt crisis, has the means to make its first big repayment on time next year and expects to pay off more of its debt ahead of schedule, a top executive said.
Dubai World, one of the emirate's big state-owned conglomerates, has prepaid $284.5 million to creditors under its $25 billion debt restructuring plan, sources familiar with the matter said on Wednesday.
The conglomerate obtai
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
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Dubai World unit Istithmar World has sold its 50 per cent stake in Miami Beach's landmark Fontainebleau hotel to south Florida developer Turnberry Ltd, a source close to the seller said on Tuesday.
Dubai World, one of the emir
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Another four Ship To Shore (STS) quay cranes are expected in the next
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The sale will mark an acceleration of asset
Dubai World, the state-owned conglomerate that completed a $25 billion debt restructuring in 2011, named on Monday Ziad Makkawi as the new chief executive for its investment arm, Istithmar World.
Makkawi replaces Andy Watson, who