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FITNESS, HEALTH, WELLNESS

Latest news

Dubai World struggles with debt repayments

Further doubts have been cast over the viability of a number of ambitious construction projects in Dubai, after one of the largest state corporations announced it is seeking to delay its debt repayments.

State-owned Dubai World, the parent company of developer Nakheel and investment company Leisurecorp, has pleaded with creditors to agree to a six-month debt standstill while the troubled company undergoes a restructuring.

Nakheel is currently developing a number of high-profile mixed-use projects, including The Palm and The World. Leisurecorp, formerly Istithmar Leisure, owns the Pearl Valley Golf Estates in South Africa, the Turnberry Resort in Scotland and the Jumeirah Golf Estates in Dubai.

Earlier this year, Nakheel put on hold its most ambitious project, the 1,400 m (4,600 ft)-tall Nakheel Tower, citing the recession as a reason for the decision.

It is believed that Dubai World's total debt is somewhere between US$59bn (£36m, €39m) and US$80bn (£48m, €53m).

The announcement sent ripples around the world's stock markets. Banks saw billions shaved off their stock values as traders feared that financial institutions would end up having to write off Dubai World's mountain of debt.

Dubai World was established in 2006 by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and Prime Minister of United Arab Emirates.

Further doubts have been cast over the viability of a number of ambitious construction projects in Dubai, after one of the largest state corporations announced it is seeking to delay its debt repayments.
PRO
271109-the-palm.gif
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Latest news

Dubai World struggles with debt repayments

Further doubts have been cast over the viability of a number of ambitious construction projects in Dubai, after one of the largest state corporations announced it is seeking to delay its debt repayments.

State-owned Dubai World, the parent company of developer Nakheel and investment company Leisurecorp, has pleaded with creditors to agree to a six-month debt standstill while the troubled company undergoes a restructuring.

Nakheel is currently developing a number of high-profile mixed-use projects, including The Palm and The World. Leisurecorp, formerly Istithmar Leisure, owns the Pearl Valley Golf Estates in South Africa, the Turnberry Resort in Scotland and the Jumeirah Golf Estates in Dubai.

Earlier this year, Nakheel put on hold its most ambitious project, the 1,400 m (4,600 ft)-tall Nakheel Tower, citing the recession as a reason for the decision.

It is believed that Dubai World's total debt is somewhere between US$59bn (£36m, €39m) and US$80bn (£48m, €53m).

The announcement sent ripples around the world's stock markets. Banks saw billions shaved off their stock values as traders feared that financial institutions would end up having to write off Dubai World's mountain of debt.

Dubai World was established in 2006 by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and Prime Minister of United Arab Emirates.

Further doubts have been cast over the viability of a number of ambitious construction projects in Dubai, after one of the largest state corporations announced it is seeking to delay its debt repayments.
PRO
271109-the-palm.gif

Latest news

Empowered Brands has signed a deal with European staffless gym chain, Fit+, to be the
Speaking to HCM for its 2024-2025 Handbook, which will be out next month, PureGym managing
Leisure, lifestyle, wellness and entertainment growth investor, Imbiba, has invested in boutique gym brand, 1Rebel's
Urban Gym Group will launch PILAT3S at ClubSportive in Amsterdam next month, to create a
The American Council on Exercise has appointed Dr Cedric Bryant as its new CEO. Bryant
Sport England’s This Girl Can team has launched a new campaign, Let’s Get Out There,
Alliance Leisure
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Improving physical strength and fitness, mental health and confidence are the main reasons for joining
Speaking to HCM, global CEO of Lift Brands, Ty Menzies, has confirmed that the company
Planet Fitness has announced the repurchase of 314,000 shares at a rate of US$20 million.
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Having good levels of cardiorespiratory fitness cuts disease and premature death by 11 to 17
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Innovatise UK Ltd
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Consultancy and change architects, Miova, have welcomed industry veteran Mark Tweedie on board. Tweedie had
1 - 20 of 12,300
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Operators, prepare to revolutionise the way members connect with personal trainers in your club, with the ground-breaking Brawn platform.
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The partnership between PureGym and Belfast-based supplier BLK BOX is transforming the gym floor
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The New Keiser M3i Studio Bike brings ride data to life to engage and delight members
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D2F had updated its brand styling to keep pace with business growth. MD, John Lofting and operations director, Matt Aynsley, explain the rationale
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Actually most people go to the gym to feel better and that’s far easier to achieve than losing 5kg
HCM magazine
Consumers’ growing love of strength training is to be welcomed, as this long-neglected modality has a renaissance, however, it’s vital we continue to make the case for cardio
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We have a fantastic opportunity in front of us to realise our vision of a happier and healthier world
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The Elevate trade show and conference comes to London next month. HCM gives the low down on what to look out for
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Belinda Steward

MD of leisure, health and wellbeing, Places Leisure Places Leisure
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Featured supplier news
Featured supplier news: W3Fit EMEA’s innovative programme sets sail for Sardinia, Italy
Following a hugely successful event last year in Split, Croatia, W3Fit EMEA, is heading to the Chia Laguna resort in Sardinia from 8-11 October.
Featured supplier news
Featured supplier news: Places Leisure successfully launches myFitApp to enhance member experience
Places Leisure is a leading leisure centre operator with a mission to create active places and healthy people for communities to thrive.
Company profiles
Company profile: Active IQ
The UK’s leading Ofqual-recognised awarding organisation for the physical activity sector, we offer over 100 ...
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Company profile: Keepme
Keepme is the industry innovator delivering AI-integrated sales and membership solutions to fitness operators globally....
Supplier Showcase
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Catalogue Gallery
Click on a catalogue to view it online
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Innerva press release: Charity launches community wellbeing space to address health disparities in Birmingham
A charity dedicated to narrowing the gender and ethnic diversity gap in physical activity has launched a community wellbeing space aimed at extending the lives of people with some of the UK’s poorest health outcomes.
Featured press releases
Greenwich Leisure Limited press release: Oasis Beach Pool invites Bedfordians to 'Totally Tropical Beach Party' Tuesday 28 May
Oasis Beach Pool, in Bedford, officially re-opens Tuesday 28 May with a celebration for the local community.
Directory
Cryotherapy
Art of Cryo: Cryotherapy
Snowroom
TechnoAlpin SpA: Snowroom
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Salt therapy products
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Lockers
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Diary dates
30 May - 02 Jun 2024
Rimini Exhibition Center, Rimini, Italy
Diary dates
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Diary dates
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Diary dates
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Diary dates
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