Sheikh Mohammed: Dubai economy improving
27 Sep 2010
(MENAFN) A statement issued by Dubai ruler, Sheikh Mohammed Bin Rashid Al Maktoum said that the emirate is improving after state-controlled holding company Dubai World reached a debt restructuring compromise with creditors, Bloomberg reported.
According to the statement, 99 percent of creditors had agreed to change the conditions on $24.9 billion of debt after the economic meltdown which led to a 50 percent drop in property prices in the emirate.
Dubai amassed $109 billion in debt to turn itself into a financial, logistics and tourism center.