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Property Assets Could Cover Debts
By Tamara Walid |
January 25, 2010, Monday
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Print Edition
Print Edition
STATE-LINKED Dubai World's property and investment assets exceeded US$120 billion at the end of 2009 and could cover its debt of US$57 billion, an Arabic-language daily said yesterday.
Citing a recent internal report shared with creditors, Al Ittihad newspaper said the value of the company's property assets dropped about 35 percent in 2009, compared with US$157 billion in 2008.
"The drop in the value of investment and strategic assets for the group did not exceed 20 percent," the paper said. Dubai World is one of Dubai's largest conglomerates. The group came under fire in November when it said it would restructure US$26 billion in debt.
Citing a recent internal report shared with creditors, Al Ittihad newspaper said the value of the company's property assets dropped about 35 percent in 2009, compared with US$157 billion in 2008.
"The drop in the value of investment and strategic assets for the group did not exceed 20 percent," the paper said. Dubai World is one of Dubai's largest conglomerates. The group came under fire in November when it said it would restructure US$26 billion in debt.
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