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21 February 2024

Dubai does not want preferred creditor status

By Reuters

Dubai is not seeking preferred creditor status in the restructuring process of state-owned Dubai World, a government spokeswoman said yesterday, removing one stumbling block in talks with lenders.

"All creditors, including the government, will be treated on an equal basis," a government spokeswoman said.

The Dubai government, acting through the Dubai Financial Support Fund, has given the

conglomerate about $6.2 billion (Dh22.75bn) over the past 12 months and plans to provide more.

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