Dubai World-What is Dubai World?
Dubai World Company is an investment company in DUBAI that manages and supervises a portfolio of projects and businesses for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading. It is the emirate’s flag bearer in global investments and has a central role in the direction of Dubai’s economy.
Assets of DUBAI WORLD include DP World(Dubai Ports) which caused a storm when trying to take over six US ports, and Nakheel, its property arm, which built The Palm Islands and The World developments. It is chaired by Sultan Ahmed bin Sulayem.
The Dubai World Company was founded on the 2nd of July 2006,the headquarters are in Dubai,United Arab of Emirates,they are basicly serving in 30 cities and 12 countries .
There is no main industry as the Dubai World is investing in diversified type of investments and businesses the revenue in 2008 was 3 Billion dollars the operating income for the same year was 800 million USD while the net income for the same year was 200 million USD.
Dubai world is a public owned company with the following subsidiaries;Dubai Ports World,Jafza,Nakheel,Dubai Drydocks,Maritime City,Dubai Multi Commodities,centre,Tamweel,Tejari,Limitless,Leisurecorp.Istithmar,Island Global Yachting,Inchcape Shipping Services.
and the main company website is http://www.dubaiworld.ae
With the result of a global recession around the world, Dubai’s real estate market declined after a six-year of continuous boom. On 25 of November, 2009, the Dubai government announced that the company intends to ask all providers of financing to Dubai World and [its subsidiary] Nakheel to ‘standstill’ and extend maturities until at least 30 May 2010″
The company has laid off 10,500 employees worldwide as the company restructures with the help of Deloitte consultants. At that time, Dubai World had debts of $59-billion, accounting for nearly three-quarters of the emirate’s US$80-billion debt. This includes a US$3.5-billion loan which the company is unable to repay by its December deadline.
On December 14, 2009 the Dubai government received $10 billion in surprise aid from Abu Dhabi for debt-laden Dubai World, which said it would use $4.1 billion of it to repay its Nakheel unit’s Islamic bond maturing on the same day