Dubai World's £9.4bn debt repayment plan to get green light from banks - Business News, Business - The Independent

The big four accountant KPMG is expected to give the all-clear this week to plans by state-controlled conglomerate Dubai World to repay the $14.4bn (£9.4bn) it owes banks.

KPMG is advising the banks, headed by Royal Bank of Scotland, on how to get their money back. Dubai World's advisers will present their latest repayment proposals, which will take eight years to complete, on Thursday.

This will include the sale of assets owned by the conglomerate's investment arm, Istithmar World, over the next five years. These include US department store chain Barneys and entertainment company Cirque du Soleil.