Dubai Works To Restore Reputation

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Description: Dubai moved a step closer to resolving its debt problems with the announcement of a plan to invest $9.5 billion to restructure its flagship conglomerate, Dubai World, and its property developer, Nakheel. Major creditors reacted positively to the plan, which offered to repay two key bonds and give lenders their money back in up to eight years. According to Dubai's Department of Tourism and Commerce Marketing, confidence is already returning to the emirate.
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