Dubai World's property assets exceed $120bn

Internal report shows value of company's assets dropped 35% last year.
Dubai World's property assets exceed $120bn
By Tamara Walid
Sun 24 Jan 2010 10:13 AM

State-linked Dubai World's property and investment assets exceeded $120bn at the end of 2009 and could cover its debt of $57bn, 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 $157bn 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 $26bn in debt.

Dubai is one of seven emirates comprising the United Arab Emirates. (Reuters)

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