India's new government will seek to raise up to a record $11.7 billion in asset sales in its maiden budget this week, a senior government source said, bolstering state finances and buying time for structural reforms to revive a weak economy.
Dubai World, one of the emirate's big state-owned conglomerates, has prepaid $284.5 million to creditors under its $25 billion debt restructuring plan, sources familiar with the matter said on Wednesday.
The conglomerate obtai
Dubai's Jebel Ali Free Zone (Jafza) is confident it can refinance a $2.04-billion Islamic bond due next year without government support and it does not rule out asset sales to help raise funds, its chairman said on Tuesday.
Dubai is under no pressure to make asset sales this year and its flagship conglomerate Dubai World will sign a final agreement on its $25 billion debt restructuring next week, a top official said on Wednesday.
Sheikh Ahmed bin Saeed al-Ma
Dar Al-Arkan, Saudi Arabia's largest property developer, said on Monday that it will not need to return to the debt markets to help repay a $1 billion sukuk maturing in 2012 but does not rule out having to make some asset sales.
Dubai World believes it can raise as much as $19.4 billion from selling key assets over eight years, or almost double the current price, if creditors back its restructuring, a document obtained by Reuters showed.
The struggling state-owned