One of the world’s largest global ports operator – DP World – has not been implicated by its parent company’s plan to delay repayment on some of its $59 billion worth of current liabilities.

“The Government of Dubai has confirmed that DP World and its debt are
not included in the restructuring process for Dubai World announced
today,” said DP World last Wednesday.

The emirate government of Dubai had announced that it will be seeking a
delay in debt repayment to creditors of Dubai World and property group
Nakheel – as it restructures the Dubai World group.

Dubai World is one of the emirate’s three big holding firms, along with Dubai Holding and the Investment Corporation of Dubai.

Dubai World’s affiliates include Nakheel, DP World and Istithmar, an
investment company with a portfolio of over 50 firms in the financial
services, consumer, industrial and property sectors.

Dubai World’s current liabilities have been pegged at $59 billion,
making it the emirate’s largest corporate debtor, and delaying
repayment on some of its debts could signal a broad restructuring of
the emirate’s corporate landscape, Reuters reported.

According to the emirate’s government, Dubai World is slated to ask all
of its and Nakheel’s creditors to extend maturities on debt until at
least May 30 next year.

It has been estimated that about $5.7 billion of debt is due to mature before the end of May.

Despite widespread economic turmoil in the first half (H1) of this
year, DP World managed to record net profit for H1 2009, albeit a 34.5%
fall from the same period last year.

H1 profit fell to $188 million from $287 million in the same period
last year, while revenue also dipped by 13.8% to $1.384 billion for the
first six months from $1.598 billion a year earlier.

The results reflect a 10% decline in container volumes across DP
World’s portfolio of 49 terminals, as well as a substantial drop in
non-container revenue of 23%.

Source: Portworld

Search to find what you want

• Dubai, Abu Dhabi bailouts Consume $ 43B \ u0026 # 39, 09 oil wealth

    Dubai’s debt woes are becoming an albatross around the neck of oil-rich Abu Dhabi, which has committed the equivalent of almost 60% of this year’s oil income to bail out its ailing neighbor, according to Zawya Dow Jones calculations. Abu Dhabi, the largest of the seven emirates that make up

• Dubai crisis unlikely that DP World would hamper operations in Algeria

    An Algerian economist downplayed on Monday the impacts of Dubai’s financial crisis on the activities of Dubai Ports (Dp World) in his country. The announcement of by Dubai World on Wednesday that “it is in deep water” over its debts will not affect the logistic services being offered by DP

• Dubai World Africa Delays Projects Amid downturn

     Dubai World Wednesday said it will put on hold some of its billions of dollars worth of planned investments in Africa, one mooted as a key market, as the global financial downturn impacts the government-owned conglomerate’s overseas projects. “Dubai World has put on hold a number of projects until the

• DP World, does not say in the game sale talks

    Port operator DP World said on Tuesdy it is not involved in talks over a potential sale of a stake, and talks between its parent company and a regional private equity player were no longer ongoing. “The board of DP World would like to reiterate previous statements that they have not

• Dubai World bought a 25 percent stake in the port Vostochny

    Russian authorities gave the go-ahead for a unit of the troubled Dubai World conglomerate to buy a 25-percent stake in the management company at a major port on Russia’s Pacific coast. Vostochny is a warm water port and one of the largest transport hubs in eastern Russia — close to

• DP World Australia is considering going public entity

    Port operator DP World, part of Dubai World conglomerate, is considering a A$1 billion ($884 million) initial public offering by spinning off some of its Australian assets, a media report said on Monday. DP World is expected to retain a substantial stake in the new listed entity, to be called

• No restructuring of DP World, Jebel Ali Free Zone

    DP World Ltd. and Jebel Ali Freezone will not be included in the restructuring of their parent firm, Dubai World, officials said on Thursday. After credit rating agencies Standard & Poor’s and Moody’s Investors Service downgraded some Dubai government-run companies following the announcement of the restructuring plan. Dubai World, with

• DP World says makes debt service on time

    DP World a subsidiary of debt-laden state-owned holding company Dubai World DBWLD.UL, said it had paid regular coupon and profit obligations tied to a sukuk and a bond issue on time. The ports operator, one of the largest in the world, and listed on Nasdaq Dubai, said it had distributed

• DP World crisis may hit India plan

    Dubai-based port operator DP World, which had planned to invest $12 bn in Indian container terminal industry, may struggle to do so because of the travails of its parent, Dubai World, the heavily indebted holding company of the Dubai government. Although Dubai World has said its debt restructuring process does

• Drydocks not included rebuilding in Dubai World

    Dubai World on Tuesday night said Drydocks World and its subsidiaries will not be included in the proposed restructuring process for Dubai World and its real estate related subsidiaries. “Drydocks World has been in constructive dialogue with its lenders for several months and its financial profile does not require it

• DP World to seek London listing

     DP World, the container port business owned by troubled investment group Dubai World, is to seek a share listing on the London Stock Exchange. The planned listing would be the second for DP World, which has been a member of the Dubai Stock Exchange since 2007. The firm, which owns

• Offshore oil find to be expected that a shot in the arm, for GDP

    Dubai’s new offshore oil find may hold the promise of making a significant contribution to the emirate’s gross domestic product (GDP) during its life cycle, but much will depend on the volume of commercially recoverable reserves and the cost of production, say energy experts. At present, oil contributes less than

• Vallarpadam container terminal from March 10 were commissioned in

    Shipping Secretary K Mohandas today said the proposed International Container Transshipment Terminal at Vallarpadam and LNG terminal at Puthuvypeen are expected to be commissioned by March 2010 and January 2011 respectively. On a query whether crisis in the Dubai World Company would affect the progress of ICTT, which is being

• Indian government sets navigation on the hat to Dubai Financial Crisis

    The government said it has sought detailed information from all ports associated with DP World to assess the impact of Dubai debt crisis on Indian shipping sector. “Alerted after reports of Dubai financial crisis, we have begun an internal examination of the situation

• Dolphin Energy plays a key role

    Dolphin Energy, the UAE’s multi-billion dollar natural gas pipeline which pumps gas from Qatar and connects Qatar, Oman and the UAE, is creating new employment opportunities and playing a vital role in realising Plan Abu Dhabi 2030, a senior Dolphin official said yesterday. “Dolphin now provides the emirate with 929 million