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

More from Economy
Most Read