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Dubai World emphasizes desire to improve finances

Dubai World emphasizes desire to improve finances

The new chairman of Dubai World is emphasizing the indebted state conglomerate's commitment to repaying its creditors as it works to shore up its business.
Dubai's media office says Sheik Ahmed bin Saeed Al Maktoum made the comments during the first meeting of the company's new board Monday.
Sheik Ahmed was tapped by Dubai's ruler to lead the sprawling conglomerate last week. He also runs Dubai's state-owned airline Emirates.
Dubai World earlier this year got creditors to agree to new terms on repaying $24.9 billion of debt. Its Nakheel property subsidiary is still working on securing a similar deal for at least $10.5 billion in debt it owes.