Dubai World Projects in Doubt
Dubai World, the Dubai Government investment company, has sent global financial markets into turmoil by seeking to delay repayments on its $US59 billion of debt.
State-owned Dubai World, the parent company of developer Nakheel and investment company Leisurecorp, has pleaded with creditors to agree to a six-month debt standstill while the troubled company undergoes a restructuring.
As a result, doubts have been cast over the viability of a number of ambitious residential and leisure construction projects in Dubai, including the Palm Islands, the Dubai Waterfront, The World and The Universe Islands.
Speaking of the situation, Sir Howard Davies, Director of the London School of Economics and former Deputy Governor of the Bank of England stated that "Dubai's future development ambitions will have to be scaled back."
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