Tuesday June 2, 2020

Dubai World creditors must wait it out

Despite a restructuring plan and attempts to buoy Dubai’s economy, creditors must prepare themselves for the fact that assets have devalued irrevocably, writes Raymond Barrett

5th December, 2009

Creditors of Dubai World are assessing their options in light of the announcement that the state-owned company is suspending repayments on debts of someUS$60 billion.

British banks such as HSBC, RBS and Lloyds, along with the US hedge fund QVT, have considerable exposure to Dubai’s flagship holding company - the force behind the still incomplete ‘mega-projects’, such as The World and the Palm artificial islands.

Dubai’s ruler, Sheikh Mohammed bin Rashid...

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