Dubai World finalizes debt restructuring deal

24 Mar 2011

(MENAFN) Dubai’s fiscal committee deputy chief Mohammed Al Shaibani announced that Dubai World inked a final agreement for the restructuring of debts totaling to USD24.9 billion, reported Gulf Daily News.

Al Shibani said that the Dubai-owned conglomerate signed the deal with a total of eighty creditors regarding debts that shocked the world when the global financial crisis hit the world back in 2009. The agreement would pay back all debts over the course of five to eight years.

Al Shibani pointed out that such an agreement would help keep up the image and position of Dubai as a financial hub.

Al Shibani revealed that the debt plan includes asset sales, but did not say whether DP World assets were a part of it.

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