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Dubai World Proposes Rescue Plan For City Center

ImageDubai World has put forward a plan to save the financially troubled City Center project. The proposal requires that the billions of dollars necessary to complete the project be pledged.  Dubai World is Dubai’s government owned investment agency.  They partnered with MGM Mirage to develop the City Center Project, and recently sued MGM Mirage in order to protect its $4.3 billion investment if MGM Mirage goes into bankruptcy. Dubai World’s proposal would require Dubai World, MGM Mirage, and investors to come up with $3 billion to avoid a construction slowdown in the $8.6 billion City Center resort and casino project. MGM’s financial situation has worsened and last month Dubai World did not contribute its half of the $200 million construction payment

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