Dubai World could repay bank loans in full

Monday, December 28th, 2009

Top Dubai officials have been in talks with creditors in London on the possible repayment of all the banking debt owed by the troubled subsidiaries of the Dubai World group, a newspaper said on Sunday.

“The possibility of repaying all bank loans in full was discussed as a medium-term possibility” in the talks held between the delegation and financial leaders in London, The National said, quoting participants.

Dubai sent its ruler’s uncle, Sheikh Ahmed bin Saeed al-Maktoum, who heads its Supreme Financial Committee, and his deputy Mohammed al-Shaibani, to London to discuss Dubai World’s debt problems, after asking last month for a six-month freeze on payments to allow parts of the group to be restructured.