Dubai: the camel’s carrot

Dubai World lenders could negotiate better terms. As part of its plan to restructure debts of roughly $24 billion at its main holding company, the emirate wants to separate and take full ownership of Nakheel, the property subsidiary behind some of its most extravagant projects. Dubai’s government sees the move as vital to protect the local economy. But it needs the approval of Dubai World’s lenders, who think Nakheel’s creditors are getting preferential treatment. The restructuring plan gives al...