The Dubai Government “will take its share of any exposure” in the financial restructuring of Dubai World, said a person familiar with the talks between the conglomerate and its bank creditors.
In particular, the Dubai Financial Support Fund (DFSF) will not, for the time being, seek to enforce a claim to be top of the creditors’ queue in negotiations over Nakheel assets, he said yesterday.
In particular, the Dubai Financial Support Fund (DFSF) will not, for the time being, seek to enforce a claim to be top of the creditors’ queue in negotiations over Nakheel assets, he said yesterday.
That stance, which involved the DFSF assuming preferred creditor status in return for cash injections to keep Nakheel operating, had been seen as an obstacle to progress in the talks about Dubai World’s debts of US$26 billion (Dh95.98bn), including $4.1 bn owed to the DFSF for repayment of Nakheel’s sukuk last December.
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