Dubai World to present 'fair' plan to creditors soon

Dubai World will present a "fair" plan to restructure about $26 billion (Dh95.4bn) of debt as it needs creditors and contractors for the long term, said the chairman of the Dubai Supreme Fiscal Committee yesterday.

The restructuring proposal will be announced "very soon" and will be drawn up considering the long-term interests of the banks, contractors and Dubai, said Sheikh Ahmed bin Saeed Al Maktoum, who is also President of the Dubai Civil Aviation Authority and Chairman and CEO of Emirates Group. "At the end of the day, we need everybody, they need us also; we have projects that will be started in the near future for the long term."

"My focus today is to do what Dubai knows," he said. The emirate had given too much attention to its real estate market as prices accelerated, becoming too high over the past five years, he said.

Real estate prices are now "right" for Dubai and will help attract new residents and businesses to the emirate, Sheikh Ahmed said. A new offshore oil discovery is "a plus" for Dubai, he said.

Dubai said in February it would expedite exploration of a new deposit near its four producing fields off the coast.

Speaking about Emirates, the biggest Arab airline, he said it plans to order more than 12 planes to meet demand.

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