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Islamic Finance Briefing - Categorized | Funds, Market Moves more

Assets already owned by Istithmar

Posted on 05 October 2009

From Thenational.ae: Dubai World has retracted a statement last month that it moved hotel and property assets to its investment arm Istithmar World from elsewhere within the conglomerate, saying that Istithmar already owned the assets in question.

Dubai World, which has an estimated US$5.5 billion (Dh20.2bn) in debt and another $53.5bn in consolidated liabilities at its various subsidiaries, announced in mid-September that as part of its ongoing restructuring “selected hotel and real estate assets and the management teams related to these assets, primarily in international markets, have been transferred to Istithmar World”………………Full Article: Source

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