Plan unveiled to save Dubai World

Government announces detailed plan to help save investment company from drowning in debt.

    Dubai World - a state-owned investment company that manages a wide range of business projects for the city- has played a leading role in making Dubai a major financial hub. 

    The company borrowed heavily over the years to fund its operations.  

    Last year - the firm sent widespread shockwaves when it said it would not be able to repay its debt. It currently owes $26bn.

    However, Dubai's government has now announced details of a plan to help save the company from bankruptcy.

    Dan Nolan reports from Dubai.  

    SOURCE: Al Jazeera


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