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Creditors agree Dubai World debt restructuring

Sheikh Ahmed also ruled out flotations of Dubai state-owned companies

Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai's Supreme Fiscal Committee.
Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai's Supreme Fiscal Committee.

One of Dubai's top government officials confirmed on Wednesday that Dubai World's biggest creditors have agreed a deal with the state-owned conglomerate to renegotiate its debt repayment schedule.

Sources told news agency Reuters last month that agreement had been secured with the creditor committee of banks including HSBC and Emirates NBD.

Under the new deal, the repayment date of the biggest chunk of debt under Dubai World's $25bn restructuring would be extended, in exchange for a series of incentives.

"I would say so," Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai's Supreme Fiscal Committee, told reporters at an Africa-focused investment event in the Emirate when asked if the biggest creditors had agreed the plan.

Sheikh Ahmed also ruled out any flotations of Dubai state-owned companies, including Emirates airline and air travel service provider Dnata, saying they were not being considered. 

 

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