Dubai World, the government-owned conglomerate, has appointed the New York investment bank Blackstone to thoroughly review its strategy for disposals and debt repayment.
Dubai World, whose debt problems sparked the 2009 financial crisis in the emirate, feels the need for a "fresh pair of eyes" on its debt situation, according to one person familiar with the situation. A spokesman declined to comment.
A spokesman for Blackstone in New York confirmed that DW had hired the firm on a “debt optimisation mandate” but declined to comment further.
In 2010 the company reached agreement with creditors over the terms of US$25 billion of debt.
Part of the settlement involved Dubai World repaying about $4.4bn next year, with another tranche of about $10bn falling due in 2018.
Mohammed Al Shaibani, the chief executive of the Investment Corporation of Dubai and a leading architect of Dubai’s financial recovery, said this week that Dubai World would meet next year’s deadline, and had already repaid about $284.5 million of its borrowings ahead of schedule.
Blackstone, quoted on the New York Stock Exchange, is one of the leading investment advisory businesses.
One of its specialities is corporate restructurings and reorganisations. Blackstone is also experienced in property investment. Some of Dubai World’s remaining big assets are in US property.
Dubai World creditors met for their annual meeting with the company yesterday in Dubai. Media was not allowed to attend the event and no statement was issued.
However, the company is believed to be happy with the rate of disposals and repayments so far. In the past few months, it has sold two hotel interests, the Fontainebleau in Miami and the Atlantis resort in Dubai. Earlier, it disposed of the international logistics business Gazeley.
No sums were disclosed for these disposals, but it is believed that about $1bn of assets have been sold in total so far.
One Dubai banker said the appointment of Blackstone would involve a “review of debts, rather than a restructuring”. There has been speculation that Dubai World might need to again restructure the 2018 element of its liabilities.
Rothschild advised Dubai World on the negotiations in 2009-10. Since then, Dubai World has used various advisory firms for specific disposals.
fkane@thenational.ae
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16 A380 Airbuses: The equivalent weight of the wheel rim.
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Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz