After peering into the abyss of default in November, Dubai World has come back from the brink. Dubai's government proposes to inject $9.5bn into the state-owned conglomerate, including $8bn for property development arm Nakheel. The emirate will convert to equity almost $9bn of its claims on Dubai World and over $1bn owed by Nakheel, so taking a back seat to bank creditors. If the proposal is accepted, Nakheel's outstanding 2010 and 2011 sukuks, or Islamic bonds, mostly held by domestic banks, will be repaid. Bond prices rallied. Yet the plan, while a step in the right direction, is far from a fait accompli.
繼去年11月一度瀕臨債務違約的深淵之後，杜拜世界(Dubai World)終於從懸崖邊緣退了回來。杜拜政府計劃向該國有集團注資95億美元，其中80億美元用於杜拜世界旗下的房地產開發機構Nakheel公司。該酋長國將把杜拜世界對其近90億美元的債務、Nakheel對其逾10億美元的債務轉換爲股份，從而成爲僅次於銀行債權人的股東。如果該方案被接受，Nakheel公司能償還大部分將於2010年和2011年到期的伊斯蘭債券（大部分由杜拜國內銀行持有）。相關債券價格應聲上漲。但儘管該計劃在正確的方向上邁出了一步，但它還遠未功德圓滿。