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Government loaned $6.2 billion to Dubai World in the last year
Dubai World is currently looking to restructure $22 billion of debt.
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Feb 6th, 2010
The Dubai government said that it gave more than $6.2 billion to state-owned conglomerate Dubai World in the past twelve months, reports Bloomberg. “The money is in the form of a loan, on commercial terms, and the Dubai Support Fund hasn’t taken an equity stake in the company or taken any assets from the group,” a government spokeswoman told the agency.
Dubai World, which asked creditors for a six-month debt standstill in November last year, is currently looking to restructure $22 billion of debt.
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It’s interesting that the Dubai Government has announced the amount, considering the handling of the “Debt Standstill” and then U-turn. According to Moody’s how this was handled over Eid/Thanks giving had an negative affect on the credibility of Dubai. Perhaps the Government are heeding Moody’s advice and becoming more transparent? http://www.cityscapeintelligence.com/dubais-reputation-damaged-by-debt-announcement?country=