28-Sep-2010 7:31 AM

Dubai ruler says emirate is recovering after Dubai World debt agreement

Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum stated the emirate is recovering after Dubai World reached a debt-restructuring settlement with creditors (Bloomberg, 27-Sep-2010). He commented: “We are back. Of course we are back. This is a challenge. Life would be boring if there’s no challenge.” Dubai World earlier this month stated 99% of creditors had agreed to alter the terms on USD24.9 billion of debt after the global financial crisis led to a 50% slump in property prices in the emirate.