Wednesday 9 December 2009

Dubai Drydocks not included in Dubai World revamp

Dubai World [DBWLD] on Tuesday moved to protect its Drydocks World unit saying it would not be part of Dubai World's wider $26 billion restructuring programme as it had sufficient financial capacity to service its debt.

"Following further review, Drydocks World and its subsidiaries will not be included in the proposed restructuring process for Dubai World and its real estate-related subsidiaries," Dubai World said in a statement.

The struggling state-owned conglomerate Dubai World on Nov.30 shed some light on how it planned to restructure its debt pile, including through asset sales, but said Istithmar World, DP World DPW.DI and Jebel Ali Free Zone would not be part of it.

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