Dubai govt to own 100% of Nakheel after plan
Dubai's government will take full ownership of developer Nakheel once a debt restructuring plan is completed, a senior official said on Thursday.
Dubai unveiled its plan to repay $26 billion in debt linked to Dubai World and its property units, Nakheel and Limitless.
"The government is a creditor of Nakheel, in addition it is putting $8 billion of new cash. Ultimately that will be equitized as well," said Aidan Birkett, Dubai World's chief restructuring officer.
"The product of this is Nakheel will cease to be a subsidiary of Dubai World and it will become a directly held subsidiary of the government. So the government will end up owning 100 per cent."
Birkett also said any asset sales would be done "at the right time at the right value."
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