Norconsult Telematics

Jobs, News and Information for Jobseekers in the Gulf

Upload Your CV

Go Back

Dubai World Not Yet Agreed a Debt Repayment Plan

Dubai, UAE : 19 May 2010

In the continuing negotiations about the debt of Dubai’s giant state owned company, Dubai World, it emerged today that the conglomerate has offered to pay back 30% of the money owed to creditors in five years time. 

The company has been in talks with a panel of seven major banks for some time now, and have also offered to repay the remaining outstanding debts in a second tranche in eight years time.  Interests payments offered are thought to be at 1% with a further payment-in-kind of 1% which would be made when the loan came to an end.

However, according to reports in local papers, creditors are not yet satisfied with this offer and there is more talking to be done before an agreement is reached.

Earlier this month the chairman of the Dubai Supreme Fiscal Committee, Sheikh Ahmed bin Saeed Al Maktoum, had expressed hopes that a deal would be reached within two weeks.

Sarah O'Connell, Staff Writer, Gulf Jobs Market
Bookmark or share this page:

  • E-mail this story to a friend!
  • LinkedIn
  • StumbleUpon
  • Technorati
  • TwitThis