Dubai World has begun talks with banks to restructure $26bn (£15.8bn) of debt as the Gulf emirate begins to tackle problems that rattled global stock markets.
In its most detailed statement since the crisis erupted last week, the state investment company Dubai World said 'constructive' talks had started over $26bn of debt, including a $6bn sukuk bond sold by Nakheel, one of the property companies owned by Dubai World, the Telegraph reports. The talks will be conducted on an 'expedited' basis, Dubai World said, and will include the possible sale of a slew of trophy assets the company garnered over the last decade. Full story...
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