emirates

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's government said today that Sheikh Ahmed will replace Sultan Ahmed bin Sulayem, who oversaw the construction of palm-shaped islands off the...

Dubai World, the state-owned conglomerate, reached a deal to restructure about $24.9 billion of liabilities. Dubai's 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...