Dubai World assets in excess of $120b
Monday, 25 January 2010
DUBAI, Jan 24 (Reuters): State-linked Dubai World's property and investment assets exceeded $120 billion at the end of 2009 and could cover its debt of $57 billion, an Arabic-language daily said Sunday.
Citing a recent internal report shared with creditors, Al Ittihad newspaper said the value of the company's property assets dropped around 35 per cent in 2009, compared with $157 billion in 2008.
"The drop in the value of investment and strategic assets for the group did not exceed 20 per cent," the paper said.
Dubai World is one of Dubai's largest conglomerates. The group came under fire last November when it said it would restructure $26 billion in debt.
Dubai is one of seven emirates comprising the United Arab Emirates.
Citing a recent internal report shared with creditors, Al Ittihad newspaper said the value of the company's property assets dropped around 35 per cent in 2009, compared with $157 billion in 2008.
"The drop in the value of investment and strategic assets for the group did not exceed 20 per cent," the paper said.
Dubai World is one of Dubai's largest conglomerates. The group came under fire last November when it said it would restructure $26 billion in debt.
Dubai is one of seven emirates comprising the United Arab Emirates.