Dubai, the Persian Gulf emirate whose near default in 2009 roiled global markets, signed an agreement with Abu Dhabi and the United Arab Emirates’ central bank to roll over $20 billion of debt for five years.
Dubai World, the state-owned holding company seeking to alter the terms on $14.4 billion of bank debt, may raise as much as $19.4 billion in eight years by selling assets, a person with knowledge of the matter said.
Dubai named Sheikh Ahmed bin Saeed Al Maktoum, head of Emirates airline and uncle of the state’s ruler, as chairman of Dubai World in a board revamp a year after the company said it would halt loan repayments, roiling markets.
Dubai World, the state-owned holding company that sought to alter the terms on about $25 billion of debt, signed a final deal with creditors, marking the end of a restructuring that roiled global markets in 2009.
Dubai World, the state-owned holding company, reached an agreement with its main creditor group to restructure $23.5 billion of liabilities as it seeks to resolve a debt crisis that roiled global markets last year.
Dubai World, the state-owned company seeking to renegotiate the terms on $23.5 billion of debt, said it expects to complete the restructuring process in the “coming months” after a meeting with its creditors in the emirate today.