- DUBAI, United Arab Emirates: A senior official says Dubai has begun restructuring a conglomerate controlled by the emirate’s ruler and has already pumped $2 billion into the debt-laden company.
Mohammed Al-Shaibani provided the first details of government assistance to Dubai Holding in an interview with the Financial Times published Tuesday.
Al-Shaibani is a close aide to Dubai’s ruler and sits on a fiscal committee responsible for cleaning up debt problems at the emirate’s Dubai World conglomerate.
The disclosure Tuesday came as business was closed for a religious holiday in the region.
A spokeswoman for Dubai’s Finance Department said she had nothing to add to the published comments. Dubai Holding didn’t respond to a request for comment.
