Fund Dubai World, whose debt problems at the end of 2009 nearly caused a second wave of the global financial crisis, announced an agreement with 99% of creditors to restructure debts amounting to $ 24.9 billion
This agency reports MarketWatch. The government of Dubai will continue to support the fund Dubai World as one of the shareholders of the fund, said the head of the Supreme Committee of Dubai Financial, Sheikh Ahmad bin Saeed Al-Maktoum.
In August, Dubai World announced its intention in the next eight years to sell some assets, was rescued with $ 19.4 billion for repayment of debts to creditors. The Fund's experts felt that the sale of assets by the then prices could bring a maximum of $ 10.4 billion
In November 2009, Dubai World, one of the top three companies owned by the emirate's government, caused panic in world financial markets, requesting postponement of debt payments, at least until May 2010. In May 2010 Dubai World agreed with creditors on debt terms.
After the debt restructuring Dubai World to creditors, not tied to the Government of Dubai and represented the creditors' committee, the fund will pay the debt in two tranches - $ 4.4 billion over five years and nearly $ 10.0 billion over eight years.
Total Fund intends to pay $ 14.4 billion (approximately 60% of total debt). It is the duty of holding the government of Dubai in the amount of $ 8.9 billion to be satisfied by issuance of securities.
Dubai - second only to Abu Dhabi on the size of the principality in the United Arab Emirates. According to the International Monetary Fund, the state-owned Dubai to the freezing of credit markets due to the global crisis in 2008 had borrowed about $ 109 mldr to finance the transformation of the emirate as a global financial and tourist center.
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