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Dubai World may sell assets to repay debt
Dubai, Dec 8: With the Dubai debt crisis continuing to plague the stock exchanges in the United Arab Emirates, Dubai World is expected to sell some of its assets to partially finance its USD 26 billion debt.
The Director-General of Dubai's Department of Finance Abdul Rahman Al Saleh revealed this to the television channel Al Jazeera.
He said that the government will not sell any of its assets to bail out the conglomerate.
The company will overcome its credit problems by restructuring the debts and selling its own assets and if neccessary the Dubai Financial Support Fund would extend support to Dubai World, the official said.
Stating that the Dubai World's and Nakheel's problems originated from short-term lending on long-term projects, Al Saleh said, "It doesn't work, especially in a volatile market situation. Most of Dubai World's and Nakheel's projects are of strategic importance and long-term. You can't develop them through short-term borrowing."
OneIndia News
