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Dubai World assets in excess of $120 billion

A man does his laundry in the Satwa district behind Sheikh Zayed Road in Dubai, November 29, 2009. State-linked Dubai World's property and investment assets exceeded $120 billion at the end of 2009 and could cover its debt of $57 billion, an Arabic-language daily said on Sunday. REUTERS/Steve Crisp

A man does his laundry in the Satwa district behind Sheikh Zayed Road in Dubai, November 29, 2009. State-linked Dubai World's property and investment assets exceeded $120 billion at the end of 2009 and could cover its debt of $57 billion, an Arabic-language daily said on Sunday.

Credit: Reuters/Steve Crisp

DUBAI | Sun Jan 24, 2010 1:31am EST

DUBAI (Reuters) - State-linked Dubai World's property and investment assets exceeded $120 billion at the end of 2009 and could cover its debt of $57 billion, an Arabic-language daily said on Sunday.

Citing a recent internal report shared with creditors, Al Ittihad newspaper said the value of the company's property assets dropped around 35 percent in 2009, compared with $157 billion in 2008.

"The drop in the value of investment and strategic assets for the group did not exceed 20 percent," the paper said.

Dubai World is one of Dubai's largest conglomerates. The group came under fire last November when it said it would restructure $26 billion in debt.

Dubai is one of seven emirates comprising the United Arab Emirates.

(Reporting by Tamara Walid; Editing by John Irish)
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Comments (4)
GrayMatterGhost wrote:
This is a prime example of the unmitigated greed that is ruining this planet! These greedy MF’s have $120B and they’re restructuring $26B?!? How dare they?!? What? They can’t make ends meet on $94 BILLION DOLLARS!!!! What bastards! How many people around the world are going to starve because they reneged on their debt? How many Haiti earthquake victims are dying due to lack of medicine that could have been saved if that extra $26B was circulating through the global economy instead of buying somebody 14 new Ferraris? SHAME! I pray that everyone who does this kind of crap (to ANY degree) grows a conscience someday. Hopefully, someday soon because I don’t know how much more greed our planet and our people (all humans) can take before WE go extinct.

For what it’s worth…..

Jan 24, 2010 11:11am EST  --  Report as abuse
wajihc wrote:
Sometimes it’s hard to liquidate assets.

Jan 24, 2010 11:24am EST  --  Report as abuse
kpt1999 wrote:
I have total admiration for Dubai. It is nothing compared to the 13 trillion dollars owed by USA and 9 trillion dollars owed by the UK. Moreover Abu Dhabi which is part of the UAE has 800 billion dollars in cash in banks, never mind other Dubai assets. The greed is more with wall street.

Jan 24, 2010 5:54pm EST  --  Report as abuse
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