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Sheikh Ahmed bin Saeed Al Maktoum, head of the Emirates airline, is taking over as chairman of Dubai World as the company struggles to restructure.
Dubai’s government said today that Sheikh Ahmed will replace Sultan Ahmed bin Sulayem, who oversaw the…
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While the worst of the crisis may be past for the emirate, Dubai’s financial troubles have highlighted some of the thorny issues underlying the Islamic world’s integration with worldwide finance.
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Dubai World, the state-owned conglomerate, reached a deal to restructure about $24.9 billion of liabilities.
Dubai’s government said that Dubai World reached an agreement with more than 99% of its creditors, Reuters reported. In a separate statement, Dubai World said it plans to close the restructuring in “the coming weeks.”
“The agreement formalizes a strong consensus about a fair…
Continue reading Dubai World Reaches Deal to Restructure $24.9 Billion of Liabilities
Dubai World Reaches Deal to Restructure $24.9 Billion of Liabilities originally appeared on DailyFinance on Fri, 10 Sep 2010 07:27:00.
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