A former British government minister and adviser to the G20 chair has been in Dubai for several weeks and played a key role in hammering out a debt proposal for Dubai World, sources said on Wednesday.
Shriti Vadera was quietly despatched to the Gulf Arab emirate by the British government after British banks -- who form the bulk of an informal creditor committee negotiating with Dubai World on how it will repay $26 billion in debt -- raised concerns about the process to London, one source said.
A second source confirmed her presence in Dubai as well as her participation in the drafting of the debt proposal.
Dubai World [DBWLD.UL], which counts the QE2 ocean liner among its assets, was locked in a meeting with core creditors at a Dubai hotel on Wednesday. [ID:nLDE62N161]
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