DD World debt to reach USD2.2b

15 Mar 2011

(MENAFN) Drydocks World (DD World) Chairman, Khamis Juma Buamin, stated that the shipbuilder took a USD2.2 billion loan from 15 different lenders at the end of 2008, as well as a USD1.7 billion loan maturing at the end of 2011, reported Emirates 24/7.

Buamin also said that DD World, the shipbuilding part of Dubai World, would not require any additional loans from the government’s support fund, as it has a sufficient financial capacity.

The company also said it targeted revenues of around USD2 billion last year, with the Middle East and Southeast Asia to produce USD1.7 billion. Drydocks World also announced that it signed a new USD200 million credit facility in January.

It is worth noting that Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading.

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