Board renews pledge to repay DW debt

The newly appointed chairman of the Dubai World group, which secured a debt-restructuring deal in September, renewed Monday the company's pledge to meet its debt obligations.

"Sheikh Ahmed bin Saeed Al Maktoum has stressed the commitment of the board to follow a process that would strengthen the company's performance... and its financial status to enhance its ability to meet its financial and contractual commitments," a company statement said.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, had named last week a new board for the emirate's largest group, headed by Sheikh Ahmed, who is also the chairman of Emirates Group and of Dubai Airports. Sheikh Ahmed also heads the Supreme Fiscal Committee.

Other members of the committee which oversaw the debt restructuring process of Dubai World have also been named to its board. These include Mohammed Al Shaibani, who heads the Rulers Court and the Investment Corporation of Dubai, Ahmed Al Tayer, Governor of Dubai International Financial Centre, and the Dubai Finance Director Abdulrahman Al Saleh.

The group has reached a deal to restructure about $24.9 billion, with banks agreeing to reschedule around $14.4bn of debts over five and eight years.

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