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The latest on Dubai World. Yawn.
Dubai World is signing its deal with its last creditor next week – whoopee! Wait; weren’t we excited about this five months ago, when we first heard about the completed debt restructuring?
March 10, 2011 3:15 by Eva Fernandes
Just this week, Kipp wrote an article describing our frustration with the lack of coverage of property deals and developments gone bad. Today, we write an article describing our frustration with the constant coverage about every nitty-gritty detail of property deals and developments gone well. Sort of.
Yes, we are turning into a bit of an old grumpy grandfather of a website, but can you honestly blame us when we have been sitting here for months on end reporting on every inane move in the non-action in the business world, like the Etisalat-Zain saga (latest installment, ‘Raiders of the lost Credit’)?
Ok, so what bought this all on? Well, it all started with a news story in Gulf News about Dubai World signing its final debt deal next week. Alarms bells went off in our heads: we surely have to report on the last signing, of the last deal. But wait a second; hadn’t Dubai World reached an agreement with all of its creditors way back in November?
Kipp figured it was far better not reporting on what was going to be a pretty repetitive look-how-Dubai-is-back sort of article, so we opened Emirates 24|7 where “Dubai World to sign final debt deal next week” was the first headline we saw on the rotation; we shut the website down and switched to The National, but in vain: This story is everywhere.
Since we can’t avoid it, it seems like we have no choice but to report on this latest development with Dubai World, then. The only thing is, it isn’t too much of a development in our book. Speaking on the sidelines of an event to mark the groundbreaking of the new Standard Chartered Dubai headquarters building, Sheikh Ahmed bin Saeed al-Maktoum, who is by the way Dubai World’s new chairman, told reporters “The final agreement for restructuring will be signed in a week’s time.”
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