Wednesday 9 December 2009

Documents show earlier Dubai World bailout

The property subsidiary of Dubai World, the stricken Gulf investment group, could have lost up to $6 billion (£3.7 billion) in the first half of this year had it not been given government bailouts, it has emerged.

The continued bad news from Dubai World sent investor confidence in the Gulf state crashing yesterday, while in Britain fears about the state-backed investment company hit Royal Bank of Scotland, one of its main lenders.

Leaked documents indicated that Nakheel, Dubai World’s property division, which owns The Palm and The World developments, lost 13.4 billion dirhams (£2.2 billion) in the first half of the year.

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