Dubai World Chairman Sees Return to Growth After Reorganizing

Dubai World, the United Arab Emirates sheikhdom’s government-owned holding company, will resume growth after naming new executives and reorganizing holdings, Chairman Sultan Ahmed Bin Sulayem said.

“The worst for us and for that matter, Dubai, is over,” Bin Sulayem said in an interview with daily Gulf News that was confirmed by a spokesman today. “The situation at Dubai World is much better and we are going to move ahead with most of our programs.”

Dubai World, one of the three-largest government-owned groups in the sheikdom, had $59.3 billion in liabilities at the end of 2008 and is restructuring amid a slump in Dubai and a decline of nearly 50 percent in property prices. The company last week named two top executives and shifted assets to streamline the business.