Dubai World faces mounting debts
Dubai World, the parent company of global terminal operator DP World, has mounting debts, some of which will come due at the end of the year, Reuters reported Thursday.
The state-run conglomerate has $59 billion in liabilities and $3.5 billion due Dec. 14, which a restructuring of the loans likely in the event the company and its property development arm, Nakheel, can't meet the payment schedule.
The $59 billion represents almost 75 percent of Dubai's $80 billion in debt. Dubai World is involved in much of the development of the Emirate, whose growth until this year was booming.