Author : Shuchita Bist
Reuters has reported that Dubai World, state-owned global investment conglomerate, has put on hold several of its projects in Africa as it restructures due to the global economic downturn. Dubai-based ports and property group faces challenges to revamp operations and finances before the end of the year when a $3.5 billion Islamic bond for its subsidiary Nakheel matures. Dubai World Africa, division of Dubai World, has invested in a wildlife game reserve in Zimbabwe. It had also bought 3 South African wildlife game parks, to boost its exposure to Africa's tourism industry.
According to company statement, "Dubai World has put on hold a number of projects until the market improves, including some tourism projects in Africa and elsewhere."
Dubai World has plans to invest about $100 million in Ethiopia and $230 million in Rwandan projects including two luxury hotel properties. It is also mulling moving luxury liner the Queen Elizabeth 2 from Dubai to another location.
Source : Reuters
