Dubai government welcomes Dubai World agreement

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Statement from Sheikh Ahmad bin Saeed al-Maktoum, Chairman of the Dubai Supreme Fiscal Committee:

“Dubai World has today announced that headline economic terms for its restructuring have been agreed in principle with the Coordinating Committee, accounting for a majority of the Company’s financial creditors, and the Government of Dubai. A final proposal reflecting these terms will now be submitted by the Coordinating Committee to all of Dubai World’s lending banks.

The Government of Dubai welcomes this important milestone, which is the result of considerable from a large number of stakeholders who all share a common interest in Dubai’s future.”