Dubai World

Dubai World is an investment company that manages

and supervises a portfolio of businesses and projects for

the Dubai Government across a wide range of industry segments

and projects that promote Dubai as a hub for commerce and

trading. It is chaired by Sultan Ahmed bin Sulayem.


Dubai World was established under a decree ratified

on 2 March 2006 by Sheikh Mohammed bin Rashid Al Maktoum,

Vice President and Prime Minister of UAE and Ruler of Dubai.

He also holds the majority stake in Dubai World.


On 2 July 2006, it was launched as a holding company

with more than 50,000 employees in over 100 cities around

the globe. The companies managed by Dubai World include:


Dubai Ports World, the third largest port operator in the world.
Economic Zones World

Nakheel, known for residential estate development projects
such as the Palm Islands, the Dubai Waterfront, The World
and The Universe Islands.

Dubai Drydocks
Dubai Maritime City
Dubai Multi Commodities Centre
Istithmar World
Kerzner
One & Only
Atlantis
Island Global Yachting
Limitless
Leisurecorp
Inchcape Shipping Services
Tejari
TechnoPark
P&O Maritime
Discovery Gardens
Tamweel

The group has extensive real estate investments

in the United States, the United Kingdom and South Africa.


Dubai World made headlines in March 2008 after

its chairman, Sultan Ahmed bin Sulayem, threatened

to take the fund's money out of Europe.[1]

Dubai World's threats came shortly after the

European Union attempted to lay out "a set of principles

for transparency, predictability and accountability"

for sovereign wealth funds.[2]


With the onset of a global recession, Dubai's real estate market

declined after a six-year boom. On November 25, 2009,

the Dubai government announced that the company "intends

to ask all providers of financing to Dubai World and [its subsidiary]

Nakheel to 'standstill' and extend maturities until at least

30 May 2010". The company will also undergo a restructuring

process with the help of Deloitte consultants. Several months

earlier, Dubai World accounted for a $59-billion debt,

nearly three-quarters of the emirate's US$80-billion debt.[3]

This includes a US$3.5-billion loan which the company

is unable to repay by its December deadline.[4]


In response to the government announced moratorium

of Dubai World's debts, both Moody's and Standard & Poor's

Investors Services heavily downgraded the debt of various

Dubai government-related entities with interests in property,

utilities, commercial operations and commodities trading.

In Moody's case, the downgrade meant that the affected

agencies lost their investment grade status.[5]



Type Investment company (Government-owned)

Founde 2 July 2006

Headquarters Dubai, United Arab Emirates

Area served 30 cities in 12 countries

Industry Diversified Investments

Products Investment

Revenue ▲ 3 billion USD (2008)

Operating income ▲ 800 million USD (2008)

Net income ▲ 200 million USD (2008)

Owner(s) Public


Employees 5000+

Dubai Ports World

Jafza

Nakheel

Dubai Drydocks

Maritime City

Dubai Multi Commodities Centre


Subsidiaries Tamweel

TejariLimitless

Leisurecorp

IstithmarKerzner

One & Only

Atlantis, The Palm

Island Global Yachting

Inchcape Shipping Services

Website www.dubaiworld.ae