Dubai World’s assets worth more than $120 billion
Dubai World is estimated to have debts of around $57 billion.
January 24, 2010 4:22 by kippreport
Property and investment assets owned by government-owned conglomerate Dubai World were worth more than $120 billion at the end of 2009, reports Reuters, quoting Arabic daily Al Ittihad. The newspaper said that the company’s property assets dropped in value from $157 billion in 2008, a fall of around 35 percent.
“The drop in the value of investment and strategic assets for the group did not exceed 20 percent,” the paper said.
Dubai World is estimated to have debts of around $57 billion, and in November last year, announced that it would ask creditors for a six-month debt standstill in order to restructure $26 billion in debt.