The Dubai government has restructured the board of Nakheel, the troubled realty arm of debt-ridden company Dubai World, naming Ali Rashed Ahmed Lootah as new chairman.
DLF Ltd is forging a 50:50 joint venture with Nakheel, a large property developer of the UAE, for two integrated townships in India at a whopping investment of $10 billion.
As the trading opened for the first day after long Eid break, shares in the debt ridden Dubai World conglomerate, of which Nakheel forms a part dropped more than 15 per cent.
Adorned with over 3,000 LED lights, Dubai's only multicoloured fountain, designed with colour and brightness controls, will be open to the public all year round.
The World islands are composed mainly of sand dredged from Dubai's shallow coastal waters.
Property developers from Dubai have decided to paint the map of the world on the Arabian sea and call it 'The World'
The restructuring move by Dubai World is likely to ease investor sentiment globally. Markets across the world went into a tailspin following the November 25 announcement by Dubai.
The government on Friday said that as many as seven banks in India, including SBI and ICICI Bank, had exposure worth $537 million in Dubai World and other group companies at the time of the Emirate's debt crisis in November 2009.
The Dubai government said on Monday that Abu Dhabi has agreed to give $10 billion in emergency funds that will go toward paying debts owed by its Dubai World conglomerate. It said $4.1 billion of the money will be used to pay off the debt from Dubai World's Nakheel property divisions that are due today (Monday).
The global rating agencies S&P and Moody's have downgraded the credit ratings for several government-related entities in Dubai on fears about the government's failure to provide timely financial support to them.
To be built at a cost of $350 million, the proposed World Island Resort, will be located on the north-east of The World development, the waterfront development of Dubai's masterdeveloper Nakheel. The CEO of 'Limitless', Saeed Ahmed Saeed, said the company will draw on its expertise in waterfront development and the creation of distinctive projects.
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