Dubai World
| Dubai World
|
|
|---|---|
 |
|
| legal form | Holding |
| founding | July 2, 2006 |
| Seat | Dubai , United Arab Emirates |
| management | Ahmad ibn Said Al Maktum , Chairman |
| Number of employees | approx. 70,000 |
| Branch | Investment |
| Website | www.dubaiworld.ae |
| Status 2011 | |
Dubai World ( Arabic دبي العالمية) is an investment company of the government of the Emirate of Dubai and manages a large number of very different companies and projects in the transport, logistics, port operations, shipping, urban development and financial services sectors. The holdings include well-known companies such as DP World , one of the largest port operators in the world, and the investment company Istithmar World .
history
Dubai World was established by decree and ratification on March 2nd, 2006 by Muhammad ibn Raschid Al Maktum , Prime Minister and Vice President of the United Arab Emirates , and ruler of the Emirate of Dubai. He himself acted as chairman. Sultan Ahmed bin Sulayem took over the operative business. When it started operating as a holding on July 2, 2006, the company already had more than 50,000 employees at over 100 locations.
Since Dubai does not have oil reserves like neighboring Abu Dhabi , the focus was on port, shipping and trade services, as well as tourism and real estate. In particular, the construction company Nakheel Properties drew global attention to Dubai in a short time with real estate projects such as Palm Islands , The World and the Dubai Waterfront .
When DP World took over the British shipping company P&O in February 2006, well-known representatives of US politics feared for national security. The US ports operated by P&O should not fall into the hands of an Arab government. Despite support for the takeover by the then US President George W. Bush , Sheikh Al Maktum had to give in. DP World initially promised to transfer the operation of the port facilities in New York , New Jersey , Philadelphia , Baltimore , New Orleans and Miami to an American company. In early 2007 the terminals were sold to the American International Group , so that DP World is no longer represented in the United States.
Debt crisis
With the financial crisis from 2007 , however, the holding's debts increasingly got out of hand. By late 2009, Dubai World had amassed approximately $ 59 billion in outstanding debts and on November 25 asked for a delay in repayment of $ 26 billion through at least May 2010. The Dubai government stated that Dubai World was owned the government, but not secured by the government. The emirate will therefore not be responsible for the debts. Since then, the holding company has been negotiating with banks and investors about debt rescheduling.
On December 14, 2009, the Emirate of Abu Dhabi supported Dubai with over USD 10 billion so that the neighboring state could meet the financial obligations of Dubai World. Nakheel Properties was to receive USD 4.1 billion to settle a maturing bond .
The first breakthrough in the negotiations came in May 2010, but it was not until March 2011 that an agreement was reached with all creditors that the entire sum would not have to be repaid in two tranches until five or eight years later.
Restructuring
In October 2010, again by decree, the operational business was transferred to Sultan Ahmed bin Saeed al Maktum, to the ruler's uncle, who had previously successfully managed the state airline Emirates . The project development and construction companies Nakheel and Limitless , which were particularly hard hit by the crisis, have been directly subordinate to the state of Dubai since mid-2011 and are no longer part of Dubai World.
Individual evidence
- ↑ Bush threatens debacle in the port dispute. In: Wirtschaftswoche . March 10, 2006, accessed December 29, 2011 .
- ↑ Dubai Ports to sell US ports. In: Financial Times Germany . December 11, 2006, archived from the original on August 1, 2012 ; Retrieved December 18, 2011 .
- ↑ Investors are looking for a confrontation with Dubai. In: Handelsblatt . December 7, 2009, accessed December 29, 2011 .
- ↑ Dubai does not want to be held responsible for debts. In: Manager Magazin. November 30, 2009, accessed December 29, 2011 .
- ↑ ROUNDUP: Abu Dhabi is helping Dubai with ten billion US dollars. In: Finanznachrichten.de . December 14, 2009, accessed December 29, 2011 .
- ↑ Dubai World achieves breakthrough in debt restructuring. In: Financial Times Germany . May 20, 2010, archived from the original on May 22, 2010 ; Retrieved December 29, 2011 .
- ↑ Dubai World: Debt rescheduling with all 80 lenders. In: DiePresse.com . March 23, 2011, accessed December 29, 2011 .
- ^ Dubai acquires Nakheel, Limitless. In: emirates24 / 7.com. July 6, 2011, accessed December 29, 2011 .