Dubai World to sign final debt deal next week

Dubai World, a well-diversified conglomerate, will seal a final deal with creditors to restructure nearly $25 billion worth of debt next week, the company's chairman said on Wednesday.

Sheik Ahmed Bin Saeed Al Maktoum said in Dubai that "the final agreement for restructuring will be signed in a week's time," adding that he didn't think that the group had been affected by recent turmoil across the Middle East and North Africa.

In September 2010, Dubai World secured the support from over 99 per cent of its creditors for its debt-restructuring deal, which was finalised a month later, ending more than 10 months of negotiations.

Sheikh Ahmed is also the chairman of Supreme Fiscal Committee overlooking the restructuring of the group.

He said Dubai World is under no pressure to make asset sales this year and the emirate’s core business was strong.

"There is no pressure on us for sale of Dubai World assets," he said. "We have a period of eight years. Always the question is asked, is an asset up for sale. Anything can be sold if the offer is good and tempting."

"The final document will be signed a week from now," Sheikh Ahmed said on the sidelines of an event.

Asked whether Dubai would inject more money into the Dubai Financial Support Fund - set up to support state-linked firms - Sheikh Ahmed said there is "no need for that now but Dubai always stand behind its companies."

He declined to comment on whether Emirates airlines would tap bond markets this year. But, speaking at a trade show in Berlin on Wednesday, the carrier's president said the airline had dropped bond plans due to regional unrest.

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