âThere are signs of some progress being made from what I hear from the banks and therefore I am hopeful that this progress can continue,â said Davies, a former chairman of Standard Chartered plc, one of Dubai Worldâs largest foreign lenders. He was speaking in Dubai today before meetings with the emirateâs officials tomorrow, including Sheikh Ahmed Bin Saeed al-Maktoum, chairman of Dubai Supreme Fiscal Committee.
Dubai Worldâs debt restructuring hurt confidence and tested U.K. banksâ resolve in the short-term, said Davies. Royal Bank of Scotland Group plc, HSBC Holdings plc, Lloyds Banking Group plc and Standard Chartered are among Dubai Worldâs biggest creditors. Dubai Worldâs Chief Restructuring Officer Aidan Birkett held talks with HSBC in London earlier this week to outline debt proposals, the Abu Dhabi-based The National reported, without citing anyone.
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