Cover Story

Dubai's World


DP WORLDOne of the largest port operators in the world, it raised $5 billion in an initial public offering—the largest in the Middle East at the time.

PERELLA WEINBERGIstithmar plowed $100 million into the advisory firm and its investment business, which were founded by ex-Morgan Stanley Vice-Chairman Joseph Perella and Goldman Sachs partner Peter Weinberg.

CITYCENTERDubai World and MGM Mirage are partners on this $8.5 billion Las Vegas development, which includes 67 acres of hotels and condominiums as well as a casino and a shopping center.

BARNEYS NEW YORKIn 2007, Istithmar spent nearly $1 billion on the retailer, which is struggling to pay its debt. Hedge fund Perry Capital, which owns some debt, has been approached by outside investors about a takeover.

W UNION SQUAREDubai World, which paid a pricey $1 million per guest room for New York's W Union Square, may lose control of the hotel when some of its debt goes to auction this month.

PALM JUMEIRAHNakheel, the Dubai World developer that risks defaulting on more than $3 billion of debt this month, built the palm-shaped island off the Dubai coast. The tourist destination features a shark-filled lagoon.

Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus