After peering into the abyss of default in November, Dubai World has come back from the brink. Dubai's government proposes to inject $9.5bn into the state-owned conglomerate, including $8bn for property development arm Nakheel. The emirate will convert to equity almost $9bn of its claims on Dubai World and over $1bn owed by Nakheel, so taking a back seat to bank creditors. If the proposal is accepted, Nakheel's outstanding 2010 and 2011 sukuks, or Islamic bonds, mostly held by domestic banks, will be repaid. Bond prices rallied. Yet the plan, while a step in the right direction, is far from a fait accompli.
继去年11月一度濒临债务违约的深渊之后，迪拜世界(Dubai World)终于从悬崖边缘退了回来。迪拜政府计划向该国有集团注资95亿美元，其中80亿美元用于迪拜世界旗下的房地产开发机构Nakheel公司。该酋长国将把迪拜世界对其近90亿美元的债务、Nakheel对其逾10亿美元的债务转换为股份，从而成为仅次于银行债权人的股东。如果该方案被接受，Nakheel公司能偿还大部分将于2010年和2011年到期的伊斯兰债券（大部分由迪拜国内银行持有）。相关债券价格应声上涨。但尽管该计划在正确的方向上迈出了一步，但它还远未功德圆满。