Thursday, 27 May 2010
Dubai World’s chairman has declared victory. At the opening of a Mars confectionary factory yesterday, Sultan bin Sulayem said Europe could learn from the emirate’s experience in restructuring its debts, estimated by the IMF to total $109bn.
“From experience, I know we should be confident that the worst is over,” he said. “Not a single bank is in danger, not a single company is going to be losing.”
But companies owed billions of dollars by Nakheel, the troubled development arm of Dubai World, may raise their eyebrows at the optimistic outlook.