Three Singapore companies are suing Dubai’s Drydocks World, the ship repair unit of Dubai World, for non-payment of bills.
The cases, confirmed by the Singapore High Court, suggest that troubled conglomerate Dubai World may not be able to confine legal cases to a special tribunal set up in Dubai.
Dubai World, the government-owned conglomerate, expects to sign a $25bn restructuring deal with this week, according to its chairman, Sheikh Ahmed bin Saeed al-Maktoum.
Two units of Drydocks World, Drydocks World Singapore Pte and Labroy Shipbuilding & Engineering Pte, are being sued for non-payment of goods in four cases that are believed to be relatively modest sums. Drydocks World is in talks to restructure a $2bn loan.
I would say this country DUBAI is a God gifted Place and a miracle of God who has stabilized its economy till this time because Dubai investors and it's government are totally unable to understand that what taken steps make its economy progress.
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