Dubai World has today announced that it has come to a formal agreement with over 99% of its creditors to restructure approximately $24.9bn of liabilities. Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of The Dubai Supreme Fiscal Committee said:
"The Government of Dubai is pleased with this significant outcome and with the speed at which it has been achieved, given the complexity of the situation and the large number of creditors involved. This agreement formalises a strong consensus around a fair and balanced restructuring proposal and is a key step towards putting Dubai World on a sound and stable financial footing whilst enabling it to realise the full potential of its underlying businesses. The Government of Dubai would like to thank all parties involved for their support in reaching this important milestone."
The Government of Dubai remains a supportive and committed shareholder. Earlier this year, the Government established a Supreme Committee for the Supervision of Dubai World which is chaired by Sheikh Ahmed Bin Saeed Al Maktoum and includes two members; Ahmed Humaid Al Tayer and Mohammed Ibrahim Al Shaibani. The Committee worked closely with the Company to construct and negotiate the restructuring plan. The Committee and the Company are now focussed on value creation and on ensuring the highest standards of corporate governance and management are in place across Dubai World for the benefit of all stakeholders.
This formal agreement also marks the support of the creditors to the separation of Nakheel from Dubai World. The Government of Dubai continues to focus on Nakheel and is pleased with the significant progress achieved by the company to date in discussions with its creditors.