Dubai World News
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Atlantis the Palm, the hotel owned by Dubai World Corp. unit Istithmar World PJSC, is seeking an $850 million loan to refinance debt due in 2017, according to two people with knowledge of the matter.
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Dubai Group LLC, an investment company owned by the emirate’s ruler, agreed on final terms to restructure $6 billion of debt with its main lenders, helping extend a rally in the shares of the sheikhdom’s biggest bank.
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Orb rallied from the back of the field to give Hall of Fame trainer Shug McGaughey his first Kentucky Derby triumph.
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Trainer Mahmood Al Zarooni was suspended for eight years for administering anabolic steroids to horses in his care, the British Horseracing Authority said in a statement on its website.
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Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum said his Godolphin stables in Britain won’t participate in races until all the horses pass drug tests after 11 of the thoroughbreds were barred because of doping.
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Dubai may make a payment toward its $20 billion loan to neighboring Abu Dhabi and the United Arab Emirates central bank next year as the emirate’s economic recovery solidifies, according to Bank of America Corp.
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Low-fare carriers Wizz Air Ltd. and Nasair will be the first airlines to fly passengers into Dubai World Central, the emirates second airport, Dubai Airports said.
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Animal Kingdom, winner of the 2011 Kentucky Derby, ran to a two-length victory in the $10 million Dubai World Cup, the world’s richest horse race.
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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.
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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.
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