x Abu Dhabi, UAEMonday 24 July 2017

Recovery timetable of Dubai World

The major events in the history of Dubai World.

November 2009

Dubai World announces it will seek a standstill on debt repayments, sending global markets downward and raising the spectre of a sovereign default. Fears of default, however, later prove unfounded as a US$24.9 billion (Dh91.44bn) debt restructuring proceeds through the early months of this year and European countries' struggles with debt steal the spotlight.

December 2009

Abu Dhabi puts $10bn into the Dubai Financial Support Fund, an entity set up to help companies in Dubai weather the global economic storm. That comes in addition to $10bn provided by the UAE Central Bank. With that support in hand, Nakheel, Dubai World's main property unit, pays off a $4.1bn Islamic bond.

May 2010

After months of negotiations with banks, Dubai World says it has secured agreement from its core group of creditors on its debt restructuring. Dubai International Capital (DIC), a private equity unit of Dubai Holding, seeks a three-month delay on debt repayments.

July 2010

Dubai Holding Commercial Operations Group (DHCOG), another Dubai Holding subsidiary, also seeks a delay on debt repayments. Both DIC's and DHCOG's repayments are ultimately extended until the end of this month to allow time to thrash out a longer-term solution.

October 2010

All creditors of Dubai World assent to its $24.9bn restructuring.

November 2010

Dubai Group, another unit of Dubai Holding that is not part of DHCOG or DIC, says it has set up a creditors' co-ordinating committee to discuss rescheduling its own debt repayments.