DW takes debt challenge seriously



If Dubai World (DW) had a share price, it would probably have reacted positively to news that the debt-laden conglomerate was shedding thousands of jobs around the world as part of its near complete global restructuring. Cutting the workforce on such a massive scale, especially in still suffering Dubai, is a clear sign that DW is taking its challenges seriously. The human cost of the jobs cuts, and the multiplier effect of the removal of thousands of jobs from the local economy, were doubtless outside the brief.

As an exercise in corporate restructuring, it all makes sense. Nakheel becomes almost exclusively a property developer, and Istithmar an investment and asset management business - both rather more in tune with the times than the "global vision" merchants of before. However, the greater corporate clarity should not blind us to the problems that DW still faces. Dubai remains one of the riskiest sovereign borrowers in the world, judging from the cost of insuring its debt - slightly less risky than Lithuania but more likely to default than Lebanon.

Cost savings of US$800 million (Dh2.94 billion) over three years, while welcome, will make only a tiny dent in the group's aggregate liabilities of nearly $60bn. Speculation that DW will seek to raise more cash via equity sales at Nakheel looks well wide of the mark. The only potential equity value in the group is the global ports business DP World, where $2bn or more could quite easily be raised if the government sold a further chunk of its shares.

But DW's best chance of getting some quick cash remains the Dubai Financial Support Fund. Yesterday's announcement was primarily aimed at that organisation and will probably have been well received there. @Email:fkane@thenational.ae

Sour Grapes

Author: Zakaria Tamer
Publisher: Syracuse University Press
Pages: 176

Racecard

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m

Soldier F

“I was in complete disgust at the fact that only one person was to be charged for Bloody Sunday.

“Somebody later said to me, 'you just watch - they'll drop the charge against him'. And sure enough, the charges against Soldier F would go on to be dropped.

“It's pretty hard to think that 50 years on, the State is still covering up for what happened on Bloody Sunday.”

Jimmy Duddy, nephew of John Johnson

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

SPEC SHEET: SAMSUNG GALAXY S24 ULTRA

Display: 6.8" quad-HD+ dynamic Amoled 2X, 3120 x 1440, 505ppi, HDR10+, 120Hz

Processor: 4nm Qualcomm Snapdragon 8 Gen 3, 64-bit octa-core

Memory: 12GB RAM

Storage: 256/512GB / 1TB

Platform: Android 14, One UI 6.1

Main camera: quad 200MP wide f/1.7 + 50MP periscope telephoto f/3.4 with 5x optical/10x optical quality zoom + 10MP telephoto 2.4 with 3x optical zoom + 12MP ultra-wide f/2.2; 100x Space Zoom; auto HDR, expert RAW

Video: 8K@24/30fps, 4K@30/60/120fps, full-HD@30/60/240fps, full-HD super slo-mo@960fps

Front camera: 12MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0, Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.3, NFC

I/O: USB-C; built-in Galaxy S Pen

Durability: IP68, up to 1.5m of freshwater up to 30 minutes; dust-resistant

SIM: Nano + nano / nano + eSIM / dual eSIM (varies in different markets)

Colours: Titanium black, titanium grey, titanium violet, titanium yellow

In the box: Galaxy S24 Ultra, USB-C-to-C cable

Price: Dh5,099 for 256GB, Dh5,599 for 512GB, Dh6,599 for 1TB

Results

6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m

Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)

6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m

Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor

7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m

Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer

7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m

Winner: Desert Fire, Hector Crouch, Saeed bin Suroor

8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m

Winner: Naval Crown, William Buick, Charlie Appleby

8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m

Winner: Al Tariq, Pat Dobbs, Doug Watsons

9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m

Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor