Dubai financial crisis Dubai World, the conglomerate owned by the government of the Gulf emirate, on Wednesday asked creditors for a six-month “standstill” on its obligations.
The group includes Nakheel, a state-owned property developer that is responsible for some of Dubai’s most ambitious land reclamation projects – including the Palm Jumeirah and the World Islands – and has $4bn in outstanding Islamic debt falling due next month. The conglomerate also includes the high-profile DP World, the owner of the former P&O ports operator.
