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Debt Laden Dubai Sovereign Wealth Fund Recoils from Investments

Category: Hotels, Posted:28 Sep 2009 | 06:57 am

One of the Middle East top property, hotel and leisure conglomerates Dubai World has announced a restructuring of its Nakheel Hotels and Istithmar World units. Its business empire not only spans the world but has a significant presence in the Thai market. There is much apprehension over a US$3.5 billion bond that is due later this year and the company which has over US$4 billion in hotel assets under Nakheel is consolidating management to Istithmer.
In Thailand Nakheel has investment's in projects such as the upcoming W Bangkok and W Retreat, Spa and Residences in Koh Samui. Istithmar hotels hold a stake along with IFA in Raimon Land.
Sovereign wealth funds (SWF's) were a significant source of capital for US companies such as Citibank and Morgan Stanley and the continued global recession has seen Abu Dhabi fund US$10 billon into Dubai this year to help fund its US$80 billion debt.

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