Dubai investment firm 'cannot pay debts'

Palm Jumeirah
Palm Jumeirah
 
 

Thursday, 26, Nov 2009 11:31

A major government-owned investment company which funded a man-made luxury island has asked for a delay in repaying its debts.

Dubai World is asking investors to accept a six-month delay on repayment, and has appointed Deloitte to help with financial restructuring.

The company's total debts of £35 billion. Among the Dubai World group is property developer Nakheel, which built the palm-shaped, reclaimed islands of Palm Jumeirah.

Dubai's government said in a statement: "Dubai World intends to ask all providers of financing to Dubai World and Nakheel to 'standstill' and extend maturities until at least May 30, 2010."

The announcement has raised concerns about Dubai's financial health, which has come under criticism for being too "flamboyant".

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