The National Newspaper

We are approaching endgame in the negotiations between financial creditors, who are owed US$14.4 billion (Dh52.89bn), and Dubai World.

But there is many a slip twixt cup and lip and this saga, which has been running since last November when Dubai World first called in the restructurers, still has the capacity to surprise.

So far, after the confusion of the initial restructuring announcement, it has gone pretty smoothly. Other restructurings in the region have been far more time-consuming and confrontational. The Investment Dar in Kuwait is still locked in legal wranglings with a rump of dissident creditors; Global Investment House also had a tough time persuading creditors to accept reduced terms.