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Monday, 22 June 2009

Dubai World hires reform consultants

Dubai World, the Government-owned ports and property conglomerate, has hired AlixPartners, a restructuring consultancy based in Detroit that is advising on the General Motors (GM) bankruptcy, according to sources close to the company.

The process at Dubai World is part of a national movement to restructure companies and shake up management for an evolving marketplace.

A team from AlixPartners will assist Dubai World as it deals with billions of dollars of debt due in December, and a business climate less inclined to finance the ambitious projects of Dubai World’s developers, Nakheel and Limitless. “They were brought on in the last several weeks to advise on a range of issues but especially the problems at Nakheel,” a source familiar with the contract said.

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