A year ago, Dubai was starting the arduous process of restructuring the debts of Dubai World after the conglomerate caused global markets to wobble by threatening to default.
With a $25bn restructuring proposal for Dubai World agreed last year, significant behind-the-scenes progress has been made towards resolving the $12bn debt cloud hanging over Dubai Holding, the conglomerate owned by the ruler Sheikh Mohammed bin Rashid al-Maktoum.
Like Dubai World, Dubai Holding exploited profits of the emirate’s real-estate boom to expand into every sector of local business and make highly levered purchases of overseas assets, from Madame Tussauds to Bank Islam Malaysia.
No comments:
Post a Comment