Dubai World strategy 'successful'

Dubai World, the flagship corporation of the Dubai Government, is now in a stable and healthy situation, the Deputy Governor of the UAE Central Bank said yesterday.

"Dubai [World] has been able to set up a strategy to address the crisis," Mohammed Ali bin Zayed Al Falasi told reporters on the sidelines of an Islamic banking forum being held in the Dead Sea resort. "Dubai World has been able in a short time to set up a timetable to deal with the crisis," Al Falasi said, adding that the institution has been able to successfully restructure debt of its creditors. He gave no further details.

Creditors to Dubai World are awaiting a formal restructuring proposal after the company said that it would use some of the funds available to finance some of its needs.

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