New restructuring deal will be 'good for investment'

25/03/2011 - Dubai Investment News Posted by Neil King
New restructuring deal will be 'good for investment'

Dubai is set to demonstrate that it is a transparent and stable place for business thanks to a new debt restructuring deal.

According to a report in the Gulf Times, Dubai World has signed a final agreement on the restructuring of around $25 billion worth of debt.

The news provider explained that the deal has been made with 80 different creditors.

Sheikh Ahmad Bin Saeed Al Maktoum, president of Dubai Civil Aviation and chairman and chief executive officer of Emirates airline and Group, told the newspaper: "We appreciate the cooperation of all the bodies for the completion of the restructuring agreement.

"We are very optimistic about Dubai World's capability to overcome the repercussions of the global financial crisis and all its challenges."

The comments follow the publication of new figures from the Dubai Statistics Centre, which revealed that the economy in Dubai recovered last year after seeing GDP growth of 2.2 per cent.

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