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Dubai World seeks debt restructure

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Dubai World seeks debt restructure

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Dubai World, the state-owned conglomerate, has reached a deal in principle to restructure its 19 billion euro debt.

The deal that involves no new financial input from the government, is yet to be approved by the banks.

Dubai, famed for its extravagant property ventures and tax-free lifestyle is struggling to bring its 82 billion euro debt under control.