Dubai World is pressured to sell assets


As Dubai World and its creditors steel themselves for weeks of tough negotiations over the conglomerate’s debt, some foreign investors say they have enough support to force the company into a default and lay claim to its most prized assets.

Dubai Finance Department Director-General Abdul Rahman al-Saleh said in an interview aired by Arab satellite channel Al-Jazeera on Monday that the company may need to change course and unload assets as it struggles to pay back lenders.

“Like any company that has commitments, part of getting liquidity is selling some assets. Of course local or foreign assets,” he said

Sources: NY Times & Al Jazeera