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Dubai World bosses aim high.

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The successful completion of $25 billion debt restructuring negotiations at the end of last year, has left Dubai World leaders feeling optimistic about the next couple of years.

In a statement released late on Monday by the Dubai Government, the firm said it expects a recovery in its critical businesses such as free zones and ports.

"The board of directors voiced confidence in Dubai World's ability to achieve significant recovery in critical areas... including ports, dry docks and free zones... and has strong expectation of achieving profitability goals," it said.

The government also said that the board of directors had passed a 2011 to 2012 budget for Dubai World and its subsidiaries that aims to strengthen its financial performance and help "achieve high profitability in the coming period". It did not provide any figures.

Last week banking group Credit Suisse said that there is a further chance that Dubai will still need to restructure debt but that fears over potential defaults are receding. It also put the total amount owed by Dubai at $111.1 billion or more. This is higher than the previous IMF estimates of $109 billion.

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Publication:7 Days (Dubai, United Arab Emirates)
Article Type:Reprint
Geographic Code:7UNIT
Date:Jan 19, 2011
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