Dubai’s debt woes continue as the government of the Persian Gulf emirate announced on Thursday it would inject $9.5 billion into Dubai World to help recapitalize the state-owned holding company’s ailing real estate arm, Nakheel, according to The New York Times.
As previously reported by The Am Law Daily, Latham & Watkins is advising the Dubai government on its restructuring initiatives through Bryant Edwards, the Dubai-based head of the firm’s Middle East offices. Dubai received $10 billion in December from Abu Dhabi, its neighboring United Arab Emirate, which it used to prevent Dubai World’s Nakheel unit from defaulting on a $4.1 billion sukuk, or Islamic bond.
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