Dubai Related Financial Concerns
On 26 November 2009, the Wall Street Journal reported that Dubai World was seeking to sign a 6 month debt standstill agreement with its creditors. In response to the announcement Moody's and Standard & Poor's downgraded the debt of various Dubai government-related entities, with Moody's downgrading the affected agencies to sub-investment grade status. The effect of the announcement was wide spread fear in the global financial markets with a negative impact of equities markets around the world and a significant increase in the cost of insuring debt issued by Dubai related entities.
On 30 November 2009, Dubai World made a statement in an attempt to counter rumours and mis-understanding. In the statement, Dubai World indicated that Istithmar would not be part of the proposed restructuring process. Instead the restructuring process would focus on several property related subsidiaries, most notably Nakheel. The statement noted that the total debt subject to the proposed restructuring was circa $26 billion.
Read more about this topic: Istithmar World
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