Blackstone Gets Debt Optimization Job from Dubai World
New York-based Blackstone Group LP has been hired by Dubai World to analyze the organization’s debt. Blackstone will take an advisory role and seek to come up with strategies on optimizing debt scenarios for Dubai World, particularly the debt maturing in 2018. A large maturity amount of US$ 10 billion is due then.
The 2009 property bubble burst forced Dubai World to restructure US$ 25 billion worth of debt.
Dubai World has been looking to shed assets to repay debt and lighten its balance sheet. On January 19, 2014, Dubai World sold Palm Utilities for US$ 500 million to Empower, a Dubai district cooling firm.
ICD Buys Stake in Kerzner International
On another note, the Investment Corporation of Dubai (ICD) is buying a 46% stake in Kerzner International, a hotel management company. Istithmar World, a division of Dubai World, already owns 25% of in Kerzner International. Kerzner International owns the Atlantis Resort in the Bahamas.
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