Dubai does not want preferred creditor status

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.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.