Dubai World
Dubai World (Arabic: دبي العالمية ) is an investment company of the Government of the Emirate of Dubai and manages a variety of very different companies and projects in the sectors of transport, logistics, port operations, shipping, urban development and financial services. The holdings include well-known companies such as DP World, one of the largest port operators in the world and the investment company Istithmar World.
History
Dubai World was established by Muhammad ibn Rashid Al Maktoum, Prime Minister and Vice President of the United Arab Emirates and ruler of Dubai and ratification by decree on March 2, 2006. He acted as Chairman. The operating business took Sultan Ahmed bin Sulayem. At the beginning of the business as a holding from 2 July 2006, the company had more than 50,000 employees at over 100 locations.
Since Dubai is the neighboring Abu Dhabi has about as oil reserves, the focus was on services to port, shipping and trade, as well as tourism and real estate. In particular, the construction company Nakheel Properties diverted to real estate projects such as the Palm Islands, The World and Dubai Waterfront in a short time the world's attention on Dubai.
With the takeover of the British shipping company P & O in February 2006 by DP World renowned representatives of the U.S. policy feared for national security. The operated by P & O U.S. ports should not get into the hands of an Arab government. Despite the support of the acquisition by the then U.S. President George W. Bush Sheikh Al Maktoum had to relent. DP World first promised, the operation of the port facilities New York, New Jersey, Philadelphia, Baltimore, New Orleans and Miami, to transfer an American company. The beginning of 2007 terminals were sold to the American International Group, so that DP World is no longer represented in the Vereinigeten States.
Debt crisis
With the financial crisis starting in 2007, however, the liabilities of the Group fell increasingly out of control. By late 2009, Dubai World had amassed debts amounting to some 59 billion U.S. dollars and asked on 25 November to defer payment of the repayment of $ 26 billion until at least May 2010. The Dubai government said that Dubai World, although the property the government was, but was not backed by the government. The emirate will therefore not stand up straight for the debt. Since then, the holding company was negotiating with banks and investors on the rescheduling of debts.
On 14 December 2009, the Emirate of Abu Dhabi Dubai supported with over $ 10 billion, so that the neighboring country was able to fulfill the financial obligations of Dubai World. 4.1 billion USD should Nakheel Properties accrue for payment of an overdue loan.
A first breakthrough in the negotiations succeeded in May 2010, but it was only in March 2011 was with all creditors to reach agreement that although the entire sum, but must be repaid in two installments only five or eight years later.
Restructuring
Was in October 2010, again by decree, the operations Sultan Ahmed bin Saeed al Maktoum, assigned to the uncle of the ruler, who had successfully led the national airline Emirates. The particularly hard hit by the crisis, project development and construction companies Nakheel and Limitless are directly responsible are mid-2011 the state of Dubai and no longer belong to Dubai World.