Dubai World Restructures USD23.5 Billion

Category: Real estate, Posted:04 Jun 2010 | 06:00 am

Yes that's billions and not millions as troubled Middle East conglomerate Dubai World has reached an agreement for the restructuring of USD23.5 billion in debt.
Part of the package includes conversion of UDD8.9 billion into equity in property arm Nakheel who has been hit hard by the global real estate slowdown.
At the heart of the deal remains a bail out initiative by Government led banks in Abu Dhabi followed by a number of global banking institutions.

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