The reach of debt-burdened Dubai World
By: The Associated Press
Associated Press
11/27/09 11:49 AM EST
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| (ASSOCIATED PRESS) |
A look at some of the holdings of Dubai World, which is seeking a six-month delay in payments on some of the $60 billion it owes.
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DP World, a subsidiary of Dubai World, a leading operator of port facilities worldwide that was created after the purchase of London-based Peninsular and Oriental Steam Navigation Co. in 2006. U.S. authorities objected to DP World taking over P&O-run ports in the United States, and those operations were eventually sold. DP World operates in nearly 50 ports across Asia, Africa, Europe, Australia and South America, including such key maritime gateways as Hong Kong, Pusan, South Korea, and Southhampton in Britain.
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Nakheel, a major property developer, whose project include Dubai's iconic man-made palm-shaped island and a man-made archipelago shaped like the continents. The global economic downturn has suspended many significant Nakheel projects such as a tower designed to surpass the height of the world's tallest, the Burj Dubai, which was built by another state-backed developer and is scheduled to open in January.
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Istithmar World Capital, a private equity and investment wing, whose global holdings include the upscale retailer Barneys New York.
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Leisurecorp, a golf development company, that is the major force behind the new "Race to Dubai" — the world's richest golf tournament with a $7.5 million purse that ended the European Tour this month at the Jumeirah Golf Estates. Leisurcorp's portfolio also includes Turnberry in Scotland and Pearl Valley Golf Estates in South Africa.
