dubai world

Emirates Chief to Take Over as Head of Dubai World

Sheikh Ahmed bin Saeed Al Maktoum, head of the Emirates airline, is taking over as chairman of Dubai World as the company struggles to restructure. Dubai%u2019s government said today that Sheikh Ahmed will replace Sultan Ahmed bin Sulayem, who oversaw the construction of palm-shaped islands off the emirate%u2019s coast, Bloomberg News reported.

Dubai Raises Questions About Islamic Finance

While the worst of the crisis may be past for the emirate, Dubai's financial troubles have highlighted some of the thorny issues underlying the Islamic world's integration with worldwide finance.

Dubai World Reaches Deal to Restructure $24.9 Billion of Liabilities

Dubai World, the state-owned conglomerate, reached a deal to restructure about $24.9 billion of liabilities. Dubai%u2019s government said that Dubai World reached an agreement with more than 99% of its creditors, Reuters reported. In a separate statement, Dubai World said it plans to close the restructuring in "the coming weeks."

Dubai World Said Planning to Sell Prized Assets for $19.4 Billion

Dubai World plans to sell off some of its most prized assets in order to raise as much as $19.4 billion to pay off creditors, Reuters reported. The state-owned conglomerate told investors last month that the need to restructure was "urgent", Reuters said, citing a document handed out at an investor meeting.

Dubai's Debt Repayment Plan Is on Shaky Ground

Dubai does everything big, and that includes its debt -- all $60 billion. Investors have reason to be concerned whether Dubai World, government's investment arm, can make its payments in a timely fashion. It's worrisome then that the proposed settlement for Dubai World to restructure $26 billion in debt is so tenuous, that one claim from a creditor could ruin the plan.