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t would halt loan repayments roiling markets he replaced sultan ahmed bin sulayem andrew andy watson has been serving as the managing director at dubai world since july 2011 8 on 29 january 2013 drydocks world signed a memorandum of understanding for a us 2 5 billion joint venture partnership with indonesia to develop a maritime cluster in the asian country that would serve among others the petrochemicals industry 9 in march 2022 its subsidiary dp world s p o ferries division sacked 800 longstanding crewmembers and caused backlash in the united kingdom potentially putting the tax status of dp world s london and southampton free ports at risk 10 2009 debt standstill edit during the great recession dubai s real estate market declined after a six year boom on 25 november 2009 the dubai government announced that the company intends to ask all providers of financing to dubai world to standstill 11 and extend maturities until at least 30 may 2010 12 the company had laid off 10 500 employees worldwide 13 at that time dubai world had debts of 59 billion accounting for nearly three quarters of the emirate s us 80 billion debt 14 this includes a us 3 5 billion loan which the company was unable to repay by its december deadline 15 in response to the government announced moratorium of dubai world s debts both moody s and standard poor s investors services heavily downgraded the debt of various dubai government related entities with interests in property utilities commercial operations and commodities trading in moody s case the downgrade meant that the affected agencies lost their investment grade status 16 concerns over the fallout from dubai s debt problems contributed to the main european stock indexes falling over 3 on 26 november this was followed by drops in asian stocks on 27 november however the european stock markets rebounded as investors fears subsequently subsided as they decided the estimated debt wasn t big enough to trigger a systemic failure in global financial markets for now the market is taking the view that the dubai debt issue may be a storm rather than a hurricane said jane foley a research director at forex com in london 17 18 19 20 the american markets were closed on 26 november but american stocks fell on the afternoon of 27 november as similar fears rattled wall street in a thinly traded half day session the dow jones industrial average indu fell 155 points or 1 5 after closing 25 november at a 13 month high the dow had lost 233 points in the morning 21 also concerns of the crisis led to a sharp rally in the u s dollar and japanese yen against most other world currencies as these currencies had been perceived as safe haven currencies during times of uncertainty 22 an unnamed senior official told news agencies on 28 november that abu dhabi the wealthy capital of the united arab emirates would pick and choose how to assist dubai world we will look at dubai s commitments and approach them on a case by case basis the official told the reuters news agency by telephone adding it does not mean that abu dhabi will underwrite all of their debts meanwhile india s central bank governor said an assessment of the impact of dubai s debt problems was needed before deciding on a response we should not react to instant news like this one lesson of the crisis is that we must study the developments and i think we must measure the extent of the problem there and how it impacts india duvvuri subbarao said in hyderabad india 23 a public statement on 30 november 2009 of the dubai finance department director general that the dubai world debts are not guaranteed by the government appears to correctly reflect the legal position as the dubai government were not required by the lenders and nor did they provide any contractual guarantees in respect of the dubai world debt officials in the united arab emirates tried on 1 december to calm investors and the public over the dubai world debt crisis and the company itself said it was seeking to renegotiate only the 26 billion in obligations held by its troubled real estate developer nakheel it also said that it had hired moelis company the investment boutique headed by ken moelis a former ubs banker to be its adviser rothschild is also advising dubai world shares in dubai and abu dhabi were down for a second day with both key indexes declining about 6 on 30 november shares dropped in dubai and abu dhabi by 7 3 and 8 3 respectively 24 on 14 december 2009 the dubai government received 10 billion in surprise aid from abu dhabi for debt laden dubai world which said it would use 4 1 billion of it to repay its nakheel unit s islamic bond maturing on the same day 25 as of 24 january 2010 dubai world s property assets have exceeded us 120 billion so that it could cover its debt of us 57 billion 26 debt deal edit dubai world on 20 may 2010 said that it had reached an agreement in principle with most of its bank lenders to restructure debt worth 23 5bn 16 4bn it would be left with debts of 14 4bn after the restructuring but the deal must still be approved by other banks that were not involved in the negotiations the terms of the restructuring include converting 8 9bn of government debt into equity the government of dubai and dubai world had tabled this offer to bank lenders in march 2010 after three months of negotiations 27 managed companies edit nakheel s man made island palm jumeirah seen from the international space station in 2005 dp world 28 dubai drydocks dubai maritime city economic zones world 28 the parent company of jebel ali free zone infinity world development istithmar world 28 nakheel properties 28 references edit prosser david 1 march 2008 head of dubai world threatens to take his money out of europe london the independent retrieved 26 november 2009 o grady sean 26 february 2008 eu to agree code of principles for sovereign wealth funds london the independent retrieved 26 november 2009 dead link dubai distances itself from 63bn debts meed 27 november 2009 retrieved 27 november 2009 dubai world to ask for more time to pay debts meed 25 november 2009 retrieved 25 november 2009 cochrane laura harif tal barak 26 november 2009 dubai debt delay rattles confidence in gulf borrowers update3 bloomberg news retrieved 26 november 2009 press release statement from dubai world pdf nasdaq dubai 30 november 2009 archived from the original pdf on 14 july 2011 retrieved 3 december 2009 sharif arif hall camilla 13 december 2010 dubai world overhauled with emirates chairman as chief after debt debacle bloomberg executive profile bloonberg business week dead link dubai drydocks signs 2 5b indonesia deal investvine com 3 february 2013 archived from the original on 13 april 2019 retrieved 20 february 2013 armitage jim arlidge john hellen nicholas al othman hannah 19 march 2022 bungs handcuffs and foreign job ads inside story of the p o sackings the times nakheel discusses 3 5bn repayment with dubai world meed 11 november 2009 retrieved 11 november 2009 hall camilla 25 november 2009 dubai government statements on nakheel 5 billion bond text bloomberg retrieved 26 november 2009 twin alexandra 30 november 2009 dubai world axes 10 500 jobs text meed retrieved 30 november 2009 smith matt kiwan enjy 25 november 2009 dubai seeks debt delay some units cut to junk reuters retrieved 26 november 2009 dubai announces debt payment delay bbc 26 november 2009 archived from the original on 30 november 2009 retrieved 26 november 2009 watts william l 26 november 2009 dubai woes roil financial markets stocks fall and government bonds rise on flight to quality marketwatch retrieved 26 november 2009 alves fabio 27 november 2009 world forex dollar trims gains as dubai fears subside wsj com archived from the original on 1 december 2009 retrieved 28 november 2009 raja shani 28 november 2009 asia stocks drop for second week on dubai share sale concerns bloomberg news retrieved 28 november 2009 pylas pan 27 november 2009 dubai woes hit world stocks again asia down most associated press retrieved 27 november 2009 dead link european stocks rebound as dubai worries abate the sydney morning herald 28 november 2009 retrieved 28 november 2009 twin alexandra 27 november 2009 stocks slip on dubai debt woes cnnmoney com archived from the original on 28 november 2009 retrieved 27 november 2009 mandaro laura watts william l 27 november 2009 dollar propelled higher by dubai worries marketwatch retrieved 27 november 2009 abu dhabi to assist dubai world aljazeera net 28 november 2009 retrieved 28 november 2009 dubai world says debt negotiations only cover nakheel nytimes com 1 december 2009 retrieved 1 december 2009 transcript abu dhabi gives dubai 10 bln bailout finanznachrichten de 14 december 2009 retrieved 23 april 2015 dubai world s property assets exceed 120bn real estate arabianbusiness com 24 january 2010 archived from the original on 27 january 2010 retrieved 23 april 2015 ben thompson 20 may 2010 dubai world agrees debt deal with key banks bbc news news bbc co uk retrieved 23 april 2015 1 2 3 4 dubai world craft retrieved 11 august 2023 v t e dubai world subsidiaries dubai drydocks dubai maritime city dubai ports world economic zones world istithmar world leisurecorp p o ferries p o ports tamweel people mohammed sharaf sultan ahmed bin sulayem related dp world tour dp world tour championship dubai championship v t e financial crises bank run commodity price shocks credit crunch credit cycle currency crisis debt crisis energy crisis financial contagion social contagion flash crash hyperinflation liquidity crisis accounting capital funding market minsky moment social crisis stock market crash pre 1000 financial crisis of 33 ce crisis of the third century 235 284 ce commercial revolution 1000 1760 great bullion famine c 1400 c 1500 the great debasement 1544 1551 spanish price revolution c 1550 c 1650 dutch republic stock market crashes c 1600 1760 kipper und wipper 1621 1623 tulip mania 1637 south sea bubble 1720 mississippi bubble 1720 1st industrial revolution 1760 1840 amsterdam banking crisis of 1763 bengal bubble of 1769 1769 1784 british credit crisis of 1772 1773 dutch republic financial collapse c 1780 1795 copper panic of 1789 panic of 1792 panic of 1796 1797 danish state bankruptcy of 1813 post napoleonic irish grain price and land use shocks 1815 1816 panic of 1819 panic of 1825 panic of 1837 1840 1870 european potato failure 1845 1856 great irish famine highland potato famine panic of 1847 panic of 1857 panic of 1866 black friday 1869 2nd industrial revolution 1870 1914 panic of 1873 paris bourse crash of 1882 panic of 1884 arendal crash 1886 baring crisis 1890 encilhamento 1890 1893 panic of 1893 australian banking crisis of 1893 black monday 1894 panic of 1896 panic of 1901 panic of 1907 shanghai rubber stock market crisis 1910 panic of 1910 11 financial crisis of 1914 interwar period 1918 1939 early soviet hyperinflation 1917 1924 weimar republic hyperinflation 1921 1923 shōwa financial crisis 1927 wall street crash of 1929 panic of 1930 chinese hyperinflation 1937 1950 wartime period 1939 1945 greek hyperinflation 1941 1946 chinese hyperinflation 1937 1950 post wwii expansion 1945 1973 hungarian pengő hyperinflation 1945 1946 kennedy slide of 1962 chinese hyperinflation 1937 1950 great inflation 1973 1982 1970s energy crisis 1973 1980 1973 oil crisis 1973 1974 stock market crash secondary banking crisis of 1973 1975 steel crisis 1973 1982 latin american debt crisis 1975 1982 1976 sterling crisis 1979 oil crisis brazilian hyperinflation 1980 1982 great moderation great regression 1982 2007 brazilian hyperinflation 1982 1994 souk al manakh stock market crash 1982 chilean crisis of 1982 1983 israel bank stock crisis black saturday 1983 savings and loan crisis 1986 1995 cameroonian economic crisis 1987 2000s black monday 1987 1988 1992 norwegian banking crisis japanese asset price bubble crash 1990 1992 rhode island banking crisis 1990 1992 1991 indian economic crisis 1990 1994 swedish financial crisis 1990s finnish banking crisis 1990s armenian energy crisis cuban special period 1991 2000 black wednesday 1992 sterling crisis hyperinflation in serbia and montenegro 1992 1994 1994 bond market crisis venezuelan banking crisis of 1994 1994 papua new guinea financial crisis mexican peso crisis 1994 1996 1997 asian financial crisis october 27 1997 mini crash 1998 russian financial crisis 1998 1999 ecuador economic crisis 1998 2002 argentine great depression samba effect 1999 dot com bubble 2000 2004 9 11 stock market crash 2001 2001 turkish economic crisis south american economic crisis of 2002 stock market downturn of 2002 2002 uruguay banking crisis 2003 myanmar banking crisis 2000s energy crisis 2003 2008 2004 argentine energy crisis chinese stock bubble of 2007 hyperinflation in zimbabwe 2007 present great recession 2007 2009 2008 financial crisis september 2008 october 2008 november 2008 december 2008 2009 subprime mortgage crisis 2000s u s housing market correction u s bear market of 2007 2009 2008 latvian financial crisis 2008 2009 belgian financial crisis great recession in russia 2008 2009 ukrainian financial crisis 2008 2011 icelandic financial crisis post 2008 irish banking crisis 2008 2014 spanish financial crisis blue monday crash 2009 euro area crisis greek government debt crisis information age 2009 present 2009 dubai debt standstill venezuelan banking crisis of 2009 2010 2010 2014 portuguese financial crisis energy crisis in venezuela 2010 present syrian economic crisis 2011 present august 2011 stock markets fall 2011 bangladesh share market scam 2012 2013 cypriot financial crisis chinese banking liquidity crisis of 2013 venezuela economic crisis 2013 present 2014 brazilian economic crisis puerto rican government debt crisis 2014 2022 russian financial crisis 2014 2016 2015 16 nepal blockade 2015 2016 chinese stock market turbulence 2015 2016 stock market selloff brexit stock market crash 2016 hyperinflation in venezuela 2016 2022 2017 sri lankan fuel crisis ghana banking crisis 2017 2018 turkish economic crisis 2018 current lebanese liquidity crisis 2019 present sri lankan economic crisis 2019 2024 covid 19 pandemic financial market impact 2020 stock market crash recession chinese real estate crisis 2020 present 2021 2023 inflation surge 2022 russian financial crisis pakistani economic crisis 2021 2024 2022 stock market decline german economic crisis 2022 present 2023 united states banking crisis 2023 2024 egyptian financial crisis 2025 stock market crash list of banking crises list of economic crises list of sovereign debt crises list of stock market crashes and bear markets retrieved from https en wikipedia org w index php title dubai_world oldid 1359425646 categories dubai world government owned companies of dubai sovereign wealth funds of dubai 2006 establishments hidden categories articles with short description short description matches wikidata wikipedia articles in need of updating from july 2016 al...