Dubai World sees brighter future

posted on 30/03/2011: 86 views

Dubai World, the state-owned holding company that is restructuring about US$25 billion of debt, sees a brighter future on solid financials and good corporate governance, Chairman Sheikh Ahmed bin Saeed Al Maktoum said.

Sheikh Ahmed, who became Dubai World Chairman in December, also pointed out that the impact of the global economic downturn has not taken away from Dubai its merit as a regional hub for business and finance, nor its ability to create the necessary infrastructure to attract investors from the UAE and abroad.

"Dubai World has now moved into a new phase of growth. We look forward to a brighter future based on solid financials,” Sheikh Ahmed told a meeting of 600 managers from its business units in Dubai, according to a company statement on Tuesday.

Last week, Dubai World signed the final agreement with all its creditors in relation to the restructuring of its entire financial obligations worth US$25 billion. Dubai World's restructuring deal has been commended by the international investor community. The plan is structured into a five-year tranche of US$4.4 billion and an eight-year tranche of US$10.3 billion.

This achievement is the culmination of approximately 12 months of extensive efforts during which the emphasis has been on reaching a fair and balanced agreement that puts the company on sound financial footing and facilitating the execution of its ambitious development plan aimed at strengthening and increasing the value of its assets.

Sheikh Ahmed hailed the exemplary speed and success with which Dubai World completed the restructuring of its debt and signed the agreement with its partners last week. "Good corporate governance will drive the group's worldwide business following the successful restructuring of debts and internal reorganisation, Sheikh Ahmed said in a statement, which was issued after a meeting of top management and senior managers of the group.

He said the new board of directors has brought together some of the finest business people to guide and support the group companies in achieving sustainable growth in line with Dubai's economic development. "Our work will be driven by the core principle of good corporate governance,” Sheikh Ahmed the meeting.

The chairman welcomed the encouraging performance in 2010 of the group's flagship companies like DP World and Economic Zones World, whose majority shareholder is Dubai World. "It is very important that the gains we are seeing as the pace of recovery grows are maintained. I encourage you to continue to focus on driving your business forward, making every effort to maximise value,” he said.

"It is up to you, me, my fellow Board members and everyone in the group to take Dubai World to new heights through hard work, innovation and generation of new ideas,” Sheikh Ahmed added. – Khaleej Times

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