If the numbers are right...

27 November 2009 By Una Galani Follow @ugalani

Facts are scarce, but Dubai World is supposed to hold three quarters of the emirate s debt. The holding company had $59bln of liabilities at the end of 2008, and $40bln of equity. Even after a deep fall in the property market, it s hard to see how losses can exceed $1020bln.

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Dubai World, one of the emirate's whollygovernment owned holding companies, will ask creditors to agree to a sixmonth standstill until May 2010, according to a statement released on November 25.

A document from property subsidiary Nakheel published in August 2009 stated that Dubai World had $59.3 billion of liabilities and $99.6 billion of assets at the end of 2008. Dubai World does not publish its financial accounts.

Nakheel is due to repay a $3.5 billion Islamic bond, guaranteed by Dubai World, by midDecember 2009.

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