Dubai World will pay back $4.5bn of debt early, but wants to extend the deadline for the repayment of a further $10.5bn due in 2018 to 2022.
Its $2.6bn sale of the Jebel Ali Free Zone logistics park to Dubai ports operator DP World has freed up enough cash to repay the 2015 debt early, but wants to take advantage of the improving global economy to extend later repayments.
Dubai will next week present proposals to extend restructured loans for Dubai World, as it prepares to invest in aviation ahead of its planned hosting of the World Expo in 2020. Dubai World currently has around $120bn debt.
Financial Times, 18
