Dubai ruler expresses faith in Dubai World Chairman
Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum has expressed confidence in the Sultan bin Sulayem, Chairman of the government-owned conglomerate Dubai World. The development would give a free hand to Sultan for carrying out the restructuring plan of more than $20 billion in debt.
The office of the Emirate's ruler said, "Sultan bin Sulayem, Chairman of Dubai World, continues to hold his position." However no further explanation was made by the office.
Dubai World had come into limelight after it expressed its inability to meet its debt obligations and sought standstill on $26 billion from lenders. The incident had caused wide spread ripples in the financial circles, derailing investor's confidence in the Emirates besides plunging stock exchanges across the world.
In the meantime, the neighboring oil rich emirate of Abu Dhabi extended helping hand to Dubai by offering a $10 billion bailout.
Dubai World, as expressed by its spokesperson, said that it would complete its restructuring plan by April. The crisis- hit state conglomerate had held a series of meets with its creditors for pitching standstill proposal.
New Zealand News
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