Here is the statement from Sheikh Ahmad Bin Saeed Al Maktoum about the restructuring of Dubai World's debt. Dubai World and Nakheel will today announce proposals for the restructuring of their liabilities that would put both companies on a sound financial footing and allow them to realise the full potential of their underlying businesses. Going forward this would ensure Dubai World and Nakheel are key contributors to the strong economic future of the Emirate of Dubai and the wider United Arab Emirates. Following a comprehensive analysis of the circumstances facing each company, the proposals have been developed in the interests of all stakeholders, including customers, contractors, employees and creditors. Dubai World and Nakheel will also present revised business plans, which take into account the current business environment and reflect the new direction being given to both companies. The Government of Dubai, acting through the Dubai Financial Support Fund (DFSF), will support these proposals with significant financial resources, including a commitment to fund up to $9.5 billion in new funding over the business plan period. This will be funded by $5.7 billion remaining from the loan previously made available from the Government of Abu Dhabi and from internal Dubai Government resources. The Government of Dubai is taking decisive action to address the challenges related to the global economic crisis and to build the foundation for a strong balanced future growth. This period has demonstrated the unity and shared purpose of the UAE. Government Actions to Date: In light of the severe financial difficulties faced by Dubai World and Nakheel in 2009, the Government intervened in the interests of the wider economy to protect all stakeholders and start rebuilding the financial strength of the companies. The DFSF provided significant financial support for Dubai World and Nakheel, including funds to pay ongoing interest and working capital expenses, and payment of the Nakheel Sukuk, Islamic bond, due last December. The Government appointed a Chief Restructuring Officer in November 2009 to lead the restructuring process. To help protect all stakeholders and provide an orderly process, in December 2009 the Government also announced a Tribunal framework based on internationally accepted standards of transparency and creditor protection. Taken together, these important actions have provided the opportunity to assess and develop comprehensive restructuring plans. Dubai World Restructuring Proposal: Dubai World has been in discussion with lenders and will present a proposal to all its creditors for the restructuring of their loans. In this proposal the Government is offering to recapitalise Dubai World through the equitisation of the Government's $8.9 billion claim and a commitment to fund up to $1.5 billion in new funds. Within Dubai World, there are strong businesses that are important components for the future economic growth and prosperity of the Emirate of Dubai and the UAE. This restructuring will allow Dubai World to focus on its core holdings and to manage and realise full value from its assets. Nakheel Restructuring Proposal: Nakheel has been in discussion with its creditors and will announce a comprehensive proposal today. Bank creditors will be asked to restructure their debt at commercial rates. Trade creditors will be offered a significant cash payment shortly and a tradable security. Assuming sufficient support for the proposal, the 2010 and 2011 Nakheel Sukuk will be paid as they fall due. In this proposal the Government is offering to inject approximately $8 billion in new funds, which will have a significant direct impact on the construction and real estate sectors and the wider economy, and to recapitalise Nakheel through the equitisation of the Government's $1.2 billion claim. Nakheel is an important part of the Dubai economy. The Nakheel business plan allows work to continue as soon as possible and puts Nakheel on a sound footing. The Government, as shareholder, will work closely with Nakheel so that any future projects are carefully planned and evaluated. Next Steps: Dubai World and Nakheel will discuss these proposals in detail with their creditors. The restructuring process is expected to take several months to implement. The Tribunal process remains available to protect the companies, their creditors and other stakeholders. The Government understands that this restructuring process has been a difficult time for all parties. Our financial support demonstrates our commitment to finding a fair and equitable solution for all stakeholders in the wider interest of the economy.