Posted by Bob Brunskill
Dubai's government has allocated $2 billion to Dubai Holding as part of a restructuring plan for the conglomerate.
The process involves restructuring about $12 billion of debt and is being managed by the same elite committee that oversaw the $25 billion restructuring of the government-owned Dubai World conglomerate earlier this year, the Financial Times reported.
Speaking to the newspaper, Mohammed al-Shaibani, director of the Ruler's Court, confirmed that the government had already injected $2 billion into Dubai Holding and was willing to put more capital in. The conglomerate covers property, business parks and financial investments.
It was also confirmed that the restructuring of Dubai Holding will follow a similar pattern to that worked out for Dubai World, though Mr Shaibani noted that the process was on a smaller scale.
He added that Dubai could at some point float some companies and dispose of others to raise funds for infrastructure investment and debt repayment.