'Sultan Bin Sulayem, chairman of Dubai World, continues to hold his position.'
Dubai's ruler indicated continued confidence on Friday in the chairman of Dubai World, the government-owned conglomerate that is seeking to restructure more than $20 billion in debt.
"Sultan Bin Sulayem, chairman of Dubai World, continues to hold his position," the office of the emirate's ruler, Sheikh Mohammed Bin Rashid Al-Maktoum, said in a statement carried by state media. It did not elaborate.
Dubai World announced on Nov 25 that it would seek a debt standstill on $26 billion.
The conglomerate staved off a $4.1 billion bond default by its real estate unit, Nakheel, after receiving a $10 billion bond from the neighbouring emirate of Abu Dhabi, holder of most of the oil reserves of the United Arab Emirates, the world's third largest crude exporter.
In December a banking source said that Dubai World told creditors it would pitch a standstill proposal in mid-January.
A Dubai World spokesperson said last month the company was aiming to have a restructuring plan in place by April. (Reuters)