The Government of Dubai today reiterated its commitment to provide necessary information and updates on Dubai World (the “Company”) and its businesses ahead of the formal implementation of the restructuring process.
A business update distributed by the Dubai Government Media Office said the government is committed to updating related information in the best possible fashion that keeps the market appropriately informed while preserving interests of the Company and its subsidiaries.
Dubai World and its subsidiaries continue to be supervised by the Supreme Committee, which was established by the Government of Dubai earlier this year. The Supreme Committee developed a restructuring plan which was presented in March and which has since received formal support from over 99 per cent of Dubai World’s creditors. The Supreme Committee exercises all the executive powers of the Board of Dubai World and has ultimate responsibility for the management of the Company, the statement said.
The Supreme Committee is chaired by H.H. Sheikh Ahmed Bin Saeed Al Maktoum and includes two other members; Ahmed Humaid Al Tayer and Mohammed Ibrahim Al Shaibani. The Committee is supported by a highly experienced team with direct oversight over the Company’s day to day activities. In addition to negotiating the terms of the restructuring proposal, The Supreme Committee, together with this team, have been focused on identifying and implementing value creative measures to restore Dubai World’s financial situation, to enhance the value of its assets and ensure the highest standards of corporate governance. This was evident in the formation of new board of directors for Dubai World’s subsidiaries including Economic Zones World and Dry Docks.
The statement added that in order to lead the Company through its next phase of development and to implement the new business plan, The Supreme Committee is currently focused on putting in place a permanent management team structure. Chief Restructuring Officer, Aidan Birkett has now successfully completed his work at Dubai World and will be stepping down on 14th October 2010.
