Dubai World

The Sun Never Sets on Dubai World; Arabic. TechnoPark’s efforts at IDA World Congress 2009 Prompt donation to UN’s Darfur 1001 Wells Project …

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www.dubaiworld.ae

Nakheel – Where Vision Inspires Humanity

Dubai real estate development company. Includes list of developments, corporate information, executive profiles, history, partners, and investor relations.
www.nakheel.com

Dubai’s crisis exploded on Wednesday when the emirate said it would delay payment on debt issued by one of its flagship firms, angering investors and sending global markets sharply lower.

Dubai World (Arabic: دبي العالمية‎) is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading. It is chaired by Sultan Ahmed bin Sulayem.

A policy of selectively assisting cash-strapped companies affiliated with the government of Dubai, instead of providing blanket assistance, challenges assumptions made by many investors who assumed that wealthy Abu Dhabi provided a complete safety net for its racier neighbour.

Abu Dhabi, which pumps 90% of the oil that make the United Arab Emirates the world’s third-largest oil exporter, has already provided $15 billion in indirect support for Dubai through the UAE central bank and two private Abu Dhabi banks. How much more support the emirate provides for its cash-strapped neighbour, however, will depend on how Dubai clarifies its stand on unresolved issues.

Some projects By Nakheel

• Palm Islands
• Palm Jumeirah
• Dubai Exhibition City
• Dubai International City
• Dubai Maritime City
• Dubai Waterfront
• Trump International Hotel and Tower (Dubai)
• The Universe (Dubai)
• More – > http://www.nakheel.com/en/developments

Some recent background on the Dubai world  Recent troubled History – Wikipedia

2009 financial woes Dubai

With the onset of a global recession, Dubai’s real estate market declined after a six-year boom. On November 25, 2009, the Dubai government announced that the company “intends to ask all providers of financing to Dubai World and [its subsidiary]Nakheel to ‘standstill’ and extend maturities until at least 30 May 2010″.^[3] The company will also undergo a restructuring process with the help of Deloitteconsultants. Several months earlier, Dubai World accounted for a $59-billion debt, nearly three-quarters of the emirate’s US$80-billion debt.^[4] This includes a US$3.5-billion loan which the company is unable to repay by its December deadline.^[5]

In response to the government announced moratorium of Dubai World’s debts, bothMoody’s and Standard & Poor‘s Investors Services heavily downgraded the debt of various Dubai government-related entities with interests in property, utilities, commercial operations and commodities trading. In Moody’s case, the downgrade meant that the affected agencies lost their investment grade status.^[6]