Dubai World will present a proposal which will consider the long-term interests of banks, contractors and Dubai. The "fair" plan will restructure about $26 billion (Dh95.4bn) of debt as it needs creditors and contractors for the long term, chairman of the Dubai Supreme Fiscal Committee said. The restructuring proposal will be announced "very soon" and will be drawn up considering the long-term interests of the banks, contractors and Dubai.
Sheikh Ahmed bin Saeed Al Maktoum added, "At the end of the day, we need everybody, they need us also; we have projects that will be started in the near future for the long term. My focus today is to do what Dubai knows.” The emirate had given too much attention to its real estate market as prices accelerated, becoming too high over the past five years, he said adding real estate prices are now "right" for Dubai and will help attract new residents and businesses to the emirate, Sheikh Ahmed said. A new offshore oil discovery is "a plus" for Dubai, he said.
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