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FINANCIAL NEWS
Dubai becomes owner of Dubai World’s Nakheel, Limitless
07 Jul 2011
(MENAFN) Dubai World’s Chairman, Sheikh Ahmed bin Saeed Al Maktoum, said that following the conclusion of a restructuring process, the conglomerate transferred the ownership of its property units Nakheel and Limitless to the government, reported Emirates 24/7.
Sheikh Ahmed added that through the action, the two units became separated operationally and financially from Dubai World.
He also said that the legal separation of Nakheel would take effect upon finalizing the Nakheel restructuring, which would enable the company to operate its business of real estate development in a more focused and independent manner.
It is worth noting that Nakheel is on its way to formally complete its restructuring which will culminate with the issuance of the Sukuk to its trade creditors allowing the company to focus on its core business of real estate developing.
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