Dubai World scales back Africa project plans

State-owned conglomerate Dubai World said on Wednesday it has put on hold several of its projects in Africa, the latest delays from the firm as it restructures due to the global economic downturn.

The ports and property group faces challenges to revamp operations and finances before the end of the year when a $3.5 billion Islamic bond for its subsidiary Nakheel matures.

In June, it hired AlixPartners, the turnaround experts who are advising on the General Motors (GM.N) bankruptcy, to help restructure its business.

2nd August, 2009

4th June, 2009

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