Dubai World

Dubai Customs head sues after ban on using 15% staff discount to buy plots on Palm Jumeirah

Developer behind Palm Jumeirah aims to finalise its debt restructuring by the end first half

Indebted Dubai developer says 91 percent of trade creditors have signed up to deal

Senior exececutive says the port operators is one of 'best and strongest companies in Dubai'.

New issues are being well received by the market, which is attracting demand.

Sheikh Mohammed says emirate is recovering after Dubai World reached creditors deal.

Fair value estimate of DW's loans raised to 53-55 cents to the dollar from 44-46 cents.

Dubai World fallout would have been ‘very different’ had Lehman not spooked markets.

Conclusion of Dubai World's debt restructuring program 'opens door' for Nakheel.

Accord 'puts an end to the uncertainty that the threat of a liquidation had created.'

Repayment process to begin with payment of interest rates, and then loans.

'Overwhelming support' means company can close restructuring in the coming weeks.

Dubai World crown jewel takes advantage of global shipping slump to overtake rivals.

State-owned conglomerate aims to sell up to $19.4bn to pay off debts.

Grand Buildings, at One Trafalgar Square, sold to anonymous Russian bidder for $272m.

Initial $4.4bn, 5-yr debt tranche to be financed by Istithmar World, Infinity inv't.

Cases were disclosed in the 180 day progress report on the special tribunal.

Inv't arm of Dubai World sold 22.14 million shares to a clutch of investors.

Dubai's ruler says challenge of global downturn is being dealt with - TV interview.

DW's loans have a fair value of 44-46 cents to the dollar after revamp proposal - analyst.

Moody's says strong level of growth needed to sustain high debt burden.

Company is engaged in 'useful and open discussions' with banks, CEO said.

Conglomerate may struggle to service debt; keep enough working capital at same time.

Sheikh Ahmed says 'urgent steps' being taken to address gaps in legal framework.

Oversupply concerns in Dubai overshadow debt deal, according to analysts.

UPDATE 1: Deal hailed as 'important milestone', requires no gov't support.

Builder said that it had received 50% approval from its creditors for repayment plan.

Mideast investments boss says int'l markets have exaggerated debt problems.

Lack of formal debt deal for Dubai World not expected to hinder redemption of sukuk.

Interest accrued on loans as of May 1 to be added to new securities offered to creditors.

Bank CEO says no reason why deal should not be signed 'in a few weeks'.

Trade creditors offered a mix of 40% cash and 60% sukuk, with 10% annual return.

Dr Nasser Al Saidi on the lessons to be learned from the Dubai World debt crisis.

Freshfields says high profile case set to make restructuring in Dubai 'more realistic option'.

Developer plans to issue the 5yr bonds in July and list sercurities on NASDAQ Dubai.

Nakheel's $980m sukuk maturing in May could be repaid without final agreement.

ADCB boss says creditors will get back to Dubai World on restructuring proposal.

Restructuring impact to differ 'considerably' from one bank to another - ratings agency.

Ratings agency could even raise its rating if operating environment continues to improve.

Hong Kong branch of China Construction Bank says it granted $1bn loan - report.

'Banks have enough capital to face any crisis, if another one happens,' says official.

Initial response 'preliminary indication that the plan would be accepted'.

Dubai announcement signals gov't 'is prepared to assist the market' - analyst.

Rick Pudner says talks have been 'very positive'; praises transparency.

Watch a Bloomberg report on Tuesday as Dubai World met its creditors for a debt restructuring deal.

Arabian Business looks at how analysts around the world have reacted to Dubai's latest restructring plan.

Troubled Nakheel given $8bn to get projects moving again.

Core creditors representing 97 banks meet to finalise on how DW can revamp debt.

Conglomerate expected to make a formal proposal to creditors later this month.

Abu Dhabi-linked firms will pay more to raise capital in the wake of Moody's downgrades.

UK minister advocates transparency as the most important way to deal with problems.

Dubai World’s debt restructuring has tested UK banks’ resolve in the short-term - trade min.

UPDATE 2: Will ask banks to roll over loans when it presents proposal to creditors.

EXCLUSIVE: Ratings head claims requests for information went unanswered.

Market is expecting a restructuring from Nakheel, rather than a 100% redemption.

More than 100 inquiries made by creditors about money they believe they are owed.

Bank provisioning against non performing loans rose to $9.1bn, up 64% year on year.

UPDATE 1: Dubai government will not be seeking preferred creditor status in restructuring process.

Group pursuing new strategy that will allow it to win a deal before April 30 deadline.

Concerns intensify over debt restructuring of state-owned giant Dubai World.

UPDATE 3: Banks could get 60% of what they're owed; news brings bourse down 3.5 percent.

Kuwait claims 13 month high as investors cashed in gains, despite bluechips failing.

Investment arm admits it is considering 'a number of options' for the cruise liner.

'No clarity as to how debt restructuring talks are progressing' - experts

Analysts see issuances to drop by as much as a fifth in 2010 compared to last year.

Internal report shows value of company's assets dropped 35% last year.

David Jackson has been replaced by the firm's chief investment officer Andy Watson.

Two divisions of Drydocks World merge with shipyard as ops scale down.

Purpose of visit was to 'review recent economic developments' and to prepare a staff report.

World Wide Project Management and its Sahara Livings development prove that, even after a tough year, Dubai's construction industry will continue to progress.

Gordon Brown says work on $1.5bn River Thames port is a boost for UK economy.

Dubai World needs time to recover from credit crunch - creditors' meet sources.

Dubai's financial situation will be evaluated - Sultan bin Saeed al-Mansouri.

UPDATE 7: Dubai's Emirates NBD falls 4.8%, Abu Dhabi Commercial Bank down 3.6%.

Pair set to meet financial and political leaders in London, New York and Washington.

Analysts warn that ME markets will continue to adjust as it seeks optimum price levels.

Credit default swaps fall as Abu Dhabi helps Dubai to meet its debt obligations.

Sheikh Mohammed announces new tribunal to be set up to 'hear any demand'.

Credit default swaps hit lowest level since Feb after $10bn support from Abu Dhabi.

UPDATE 6: Cash injection will enable repayment of $4.1bn Nakheel sukuk bonds due on Monday.

Construction Week discovers how the formwork sector is using the economic downturn to its advantage.

UPDATE 1: Dubai finance chief says the emirate will come out of the crisis a 'winner'.

Investment arm of Dubai World says loss of hotel unconnected to restructuring.

Concerns are growing that more borrowers will fall behind on debt repayment - analysts.

Drydocks facility has been in 'constructive dialogue' with lenders in past few months.

Source says money was for Dubai World when $10bn bond raised earlier this year.

Central bank to assess how much exposure local banks have to Dubai World.

Watch Sheikh Maktoum Hasher Maktoum make a presentation at the AB 'crash' conference.

Finance chief reiterates that gov't will not guarantee any of the company's debts.

UPDATE 4: Index up 1.2%, while Abu Dhabi makes largest gain since late March.

We list details of Dubai World's key assets and high-profile holdings.

No need for investors to sell shares, exit market - Saudi's top monetary official.

Cost of insuring Dubai's debt against restructuring or default rises on Friday.

Media in the Arab world lauds the UAE's bravery; is confident about its strength.

RBS, HSBC, Lloyds and Standard Chartered all affected by debts restructuring - FT.

IMF offical expresses confidence in Dubai's ability to deal with debt repayment issues.

Billionaire investor said banks should have known risks lending to Dubai World.

Stock markets appear to be settling down as global concerns over Dubai World's debts ease.

UPDATE 7: UAE markets close lower, but DP World shares surge, buoyed by UAE leaders' comments.

Emirates vice chairman slams media response to Dubai debt, says carrier will see profits rise.

Filipino central bank chief says default will not have adverse impact on cash flows in near term.

Concerns over finance after Dubai delays debt repayment is likely to hit real estate market.

Dubai World source says firm refused to offload assets forcing it to seek debt standstill.

UAE Central Bank is closely watching Dubai debt crisis to ensure no risk to economy.

Dubai news also casts doubt over strength of the fledgling US economic recovery.

Dubai exposure may have 'meaningful impact' on banks - CLSA.

Credit default swaps jump on Thursday after gov't seeks standstill deal on debts.

Golfer returns to England £1.6m ($2.64m) richer after 'biggest moment' of his career.

Why gov'ts in Muslim nations in the Middle East and Asia are increasingly turning to Islamic finance to raise funds.

Analyst upgrade follows DP World confirmation that considerably better volumes were seen in Q2 than in Q1. 

'Worst for us and for that matter, Dubai, is over,' says Sultan Ahmed Bin Sulayem.

Dubai company launches proceedings against ex employee in US court.

EXCLUSIVE: State owned giant confirms projects rethink amid global economic crisis.

Queen Elizabeth 2 ship to berth at the V&A Waterfront in Cape Town.

MMC in 2007 had said the cost of the maritime centre project was estimated at $4.56bn.

Real estate giants agree with lenders on $8.5bn venture on the Las Vegas Strip.

Reports say new plan will see billions pledged to forestall possible construction stoppage on Las Vegas project.

Joint venture partner of Dubai’s Infinity World reportedly in talks with Colony Capital to refinance debt.

Debt-laden joint venture partner of Dubai’s Infinity World looking to keep Las Vegas City Center project on track.

$10bn bond being made available to largest enterprises on commercial terms.

When Dubai World decided to consolidate its various business units under one roof, Bluehaus was tasked with creating a single design concept that would appeal to all.

Dubai gov't-owned investment agency denies talks to sell US luxury retailer.

As the region's shipping industry gears itself up for an unpredictable year, the Seatrade Middle East event provided the much needed opportunity to assess the way forward.

Las Vegas CityCenter suffers as joint venture pulls finance and delays hotel, spa.

Total trade including free zones reaches $192bn, with China, India, US top importers.

Rajiv Shah went along to find out if the nation looks set to become the next big arena for property investors.

State-owned investor still looking at Russian logistics and urban projects after utility deal put on hold.

Dubai cash is helping revitalise downtown Los Angeles at a time when US investors are too nervous.

Trade figures releases as forum meets in Paris to discuss further economic co-operation.

Dubai's trade in electronics goods hits AED 18.8 billion in first half of 2008

70% fall in Russian govt-controlled energy firm's share price kills deal, says source.

Gulf states are leading the charge into Kazakhstan with its vast and untapped commodity wealth up for grabs.

Lack of liquidity in local markets blamed for decision to tap Asian, western banks.

Loan is a refinacing for acquisition of Walmart European property unit in June.

How the predicted boom in Africa's maritime sector has caught the attention of Middle East investors.

State-owned Dubai World planning investments in mining, trade, agriculture, real estate and catering.

Second group keen on buying stake in OGK-1, Dubai offer conditional, utility's CEO says.

State-owned Dubai World to focus on tourism and port operations in continent, official says.

State-owned conglomerate signs syndicated loan to refinance $5bn 364-day bridge loan - sources.

Hyperion financial management systems from Oracle to give Dubai World better corporate governance across 150 operating units

Calls for transparency from wealth fund making region unattractive - Dubai.

Innovators have repeatedly defied critics to create an unequalled destination, says Dubai World chairman.

State-owned Dubai World announces latest investment in African continent.

The Middle East is very good at drawing on the best of international influences, whether that is to build infrastructure or develop designs.

State-owned Dubai World goes live with Mandarin website following Dubai ruler's visit to China.

UAE IN CHINA: Further equity stakes in banks not part of strategy, vice chairman says.

State-owned group ups presense in Moscow, eyes opportunities in maritime, logistics and rail sectors.

Growth in imports into Dubai slumped 60% last year, down to 73.6% from 184% in 2006, Dubai World says.

State-owned funds ominously absent from rescue of latest casualty in financial crisis engulfing US.

Commodities represent one of the largest incentives for the Gulf's raw material-starved industrial giants to step into the fray.

Indonesian property firm Bakrieland agrees to sell three units to Dubai developer.

DP World has become the first international port operator to obtain a five-star rating from the European Foundation for Quality Management.

CEO of subsidiary DP World says continent needs more foreign investment.

Africa's status as a leading international hub for the logistics industry has received a massive boost in recent months.

Over 1000 companies have registered in Dubai Maritime City - a member of the Dubai World group of companies.

Worldwide business for UAE ports company grows 18%.

DP World share price at $1.08, three months after listing on DIFX at $1.30.

Dubai Maritime City, the world's first purpose-built maritime centre and member of the Dubai World Group, has announced it will launch the first phase of its new marina berth project in time for the 16th Dubai International Boat Show (DIBS), being held from March 11 to 15, 2008.

Jamal Majid bin Thania talks about free zone operator Jafza's recipe for success through 2008 and beyond.

Dubai World consolidates hotel business under one banner.

Dubai World wants to rebalance portfolio to limit effects of subprime crisis, exec says.

Shares in ports operator slip more than 5% on DIFX to close 1 cent lower than IPO price.

Stock of world's fourth-largest container handler surges 10.77% to $1.44 in first day of trading on DIFX.

DIFCWEEK: Experts forecast flood of initial public offerings next year after DP World and Egypt's TMG.

Last month Dubai once again played host to the FIATA World Congress, Sea Freight Middle East met the ports and shipping companies involved, and reflects on the issues which dominated this year's event.

Limitless, the real estate development arm of Dubai World, has appointed Krishna Subramanian as its chief financial officer for South Asia.

Dubai World has joined forces with One&Only resorts to build a new US$150m luxury hotel in Zanzibar.

Dubai state-owned ports operator acquires 90% stake in Egyptian Container Handling for $670mn.

Dubai's plan to sell 20% stake in ports operator will have no impact on 'A1' rating, Moody's says.

Design Worldwide Partnership's Karen Hay talks about what's hot and what's not in interior design.

Undeterred by P&O scandal Dubai World plans to set up $600mn logistics and business park in US.

Discussions are underway to make it more attractive for ship owners to fly the United Arab Emirates flag on their vessels.

State-owned real estate firm Limitless to work with India's DLF to build township in Bangalore.

State conglomerate to develop eight real estate projects in east African country.

Dubai World and energy group MMC seal agreement to develop maritime centre in southern Malaysia.

Global ports giant forges ahead with Emiratisation drive.

Dubai World subsidiary teams with The Extreme Group to roll out a new food and beverage chain in the UAE.

Dubai World to invest in luxury hotel and residential development in Comoros in the Indian Ocean.

New fire safety regulations have been introduced by the Construction Safety Department of Dubai World's Environment, Health and Safety (EHS) regulatory arm.

Dubai World is to develop a major harbour city and port project in Ho Chi Minh City.

Fatalities were narrowly avoided in two of the UAE's principal shipping terminals after huge warehouse fires broke out in Sharjah and Dubai within a week of each other.

Pacific Control Systems has jointly established the Middle East Centre for Sustainable Development with EHS, the environment, health and safety regulatory division of Dubai World.

Owner of chemical storage facility at Dubai's Jebel Ali Port says cause of blaze still under investigation.

Dubai World and MGM Mirage have announced a number of agreements to form a long-term strategic partnership which will see Dubai World investing US$5bn in MGM Mirage, US$2.7bn in CityCentre, a landmark development in Las Vegas, and up to US$2.4bn in purchases of MGM common stock.

How the Arab world needs to grasp communications and technology to take its place at the table of leading nations.

Eastern European country looking gain a better understanding of Jebel Ali Free Zone business model.

The largest container carrier in the world is shifting 80% of its Korean traffic to Pusan Newport.

Islamic bonds grew to $24.5bn in H1, buoyed by issuances from companies such as ports operator DP World.

The first container terminal to go into operation on Maasvlakte 2 will be run by a consortium consisting of Dubai based terminal operator DP World and four of the world's largest shipping companies.

An emerging trend among developers in the Middle East is to look further afield for project opportunities. Conrad Egbert explores the reasons why many companies are choosing to focus their attention elsewhere.

APM Terminals have won a landmark 25-year concession to manage Bahrain's new Khalifa Bin Salman Port - The Bahrain Gateway. In an exclusive interview, Sea Freight Middle East reveals how the terminal management company has set its sights on recapturing the Northern Gulf's transhipment business.

The holding firm is exploring further potential for investment in Australia to boost its Down Under presence.

Dubai World says it has no plans 'at the current time' to list its ports operator.

DP World consortium to manage new Rotterdam container terminal.

Ports operator appoints 'investor relations' VP; $3.25bn bond doesn't rule out plans to list.

The Mazagan coastal resort is set to bolster the country's status as a tourism destination.

Emirate buys iconic $100m ocean liner for its equally iconic Palm Jumeirah development.

FORSA, the investment company set up by Dubai World for female investors, is set to offer its first wave of investment projects, starting with a major real estate venture to be launched later this month.

The Dubai-based terminal operator is set to develop the Dakar terminal and build new facility at the port.

The Khalifa Port management agreement marks a 'greater cooperation' between Dubai and the UAE capital.

Portside operations involve heavy machinery, towering cranes and require exceptional management to avoid serious injuries or fatalities. DP World's new global strategy is tackling the safety issue head-on.

Dubai's new Jebel Ali airport is set to get its first of six runway by this year.

Port of London Authority chairman, Simon Sherrard, has called for the British government to approve without further delay the long awaited London Gateway, a container port and development that DP World plans for the north bank of the Thames.

Arabian Business has published its '50 Most Admired' list of regional companies.

The creation of a new property division, Nakheel Property will see Dubai World's retail activities centralised under the Nakheel banner.

Dubai World has centralised its retail activities under the Nakheel banner following the creation of a new retail property division - Nakheel Retail.

Dubai-based investment house Istithmar has bought two business parks near a new terminal of London's Heathrow Airport.

Global shipping lines can expect to maintain robust annual growth of 15-20% through 2007, provided additional attention is paid to the planning the right mix of tonnage, routes, and prudent supply chain management, according to Abdulla Bin Damithan, deputy director of DP World.

As the Far East looks more to the Middle East to secure energy, an old analogy has come to life again.

This year could see robust growth in global shipping and more 'megaships', says DP World.

Today's Al Bayan newspaper has a double-page spread on Air Arabia, which is timely given the news earlier this week that the low-cost airline is planning an initial public offering (IPO) before April.

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