Dubai World shies away from media limelight | beyondbrics – FT.com

Nakheel has been forced to call a press conference to persuade the world that the troubled developer’s World Development, an artificial archipelago of 300 islands off Dubai’s coast, was not sinking.

But Wednesday’s technical press conference and boat tour – no cameras allowed! – did little to take attention away from a flurry of media coverage over the Dubai World Tribunal, where Nakheel’s parent is working out its $25bn debt restructuring.

The common-law tribunal – which was set up by the Dubai International Financial Centre (DIFC) – is beginning to shine a light on Nakheel and its finances. The government-owned company has accumulated an alarming amount of debt since the shuddering property crash in Dubai.

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