Dubai World 2009 debt standstill
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| Investment company (Government-owned) | |
| Industry | Diversified Investments |
| Founded | 2 July 2006 |
| Headquarters | Dubai, United Arab Emirates |
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Area served
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30 cities in 12 countries |
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Key people
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Ahmed bin Saeed Al Maktoum, Chairman Jamal Majid Bin Thaniah, CEO |
| Products | Investment |
| Revenue |
 US$18 billion (2008) |
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US$1.4 billion (2008) |
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US$1.17 billion (2008) |
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| Owner | Public |
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Number of employees
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5000+ |
| Subsidiaries |
Dubai Ports World Jafza Dubai Drydocks Maritime City Tamweel Tejari Leisurecorp Istithmar DUTech Island Global Yachting Inchcape Shipping Services P&O Ferries |
| Website | www |
Dubai World (Arabic: دبي العالمية) is an investment company that manages and supervises a portfolio of businesses and projects for the Government of Dubai across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading. As a subsidiary of Dubai Inc., it is the emirate's flag bearer in global investments and has a central role in the direction of Dubai's economy. Assets include DP World, which caused considerable controversy when trying to take over six US ports, its property arm, Nakheel, which built The Palm Islands and The World developments, and Istithmar World, its investment company. It is chaired by Ahmed bin Saeed Al Maktoum.
Dubai World was established under a decree ratified on 2 March 2006 by Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai. He is also the majority stakeholder in Dubai World.
On 2 July 2006, it was launched as a holding company with more than 50,000 employees in over 100 cities around the globe. The group now has extensive real estate investments in the United States, the United Kingdom and South Africa. Dubai World made headlines in March 2008 after its chairman, Sultan Ahmed bin Sulayem, threatened to take the fund's money out of Europe. Dubai World's threats came shortly after the European Union attempted to lay out "a set of principles for transparency, predictability and accountability" for sovereign wealth funds.
On 26 November 2009, Dubai World proposed to delay repayment of its debt, which raised the risk of the largest government default since the Argentine debt restructuring in 2001. Dubai World, the investment vehicle for the emirate, asked to delay for six months payment on $26 billion of debt. The extent of the debt rattled many markets causing many indices to drop; including oil prices. U.S. stocks fell sharply but rebounded from their lows as investors concluded that the damage might be contained. The Dow Jones industrial average lost about 155 points, or roughly 1.5 percent, in a shortened trading day, and other stock averages also sank. Oil prices plunged as much as 7 percent before recovering some ground later in the day.
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Wikipedia