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Dubai World assets in excess of $120 billion
January 24, 2010 / 6:32 AM / 8 years ago

Dubai World assets in excess of $120 billion

<p>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</p>

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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