On Wednesday Dubai ports operator DP World alleged that it has agreed to sell 75 percent of its stake in DP World Australia.

It has estimated 1.5 billion US dollars for its stake. This is done as its debt-laden parent firm vies so as to trim down its liabilities.

DP World which is the port management arm of Dubai World has decided that it will reduce stakes in its Australian businesses. Dubai World is currently facing huge debts and by selling stakes it plans to raise close to $1.5 billion.

The shares are going to be sold off to Citi investment fund. Besides getting it money, the unloading of stake in the sea cargo handler is also going to make the company's debt position stronger.

Dubai World's latest board of directors got together for the first time yesterday to start reconfiguring the government-owned company following a debt worth US$24.9 billion (Dh91.45bn) for the restructuring pact this year.

For the troubled conglomerate, Dubai World there were new signs of hope since there has been a reshuffle in its board. That may have been true totally but for the fact that some of the people are unhappy since many of their questions are going unanswered.

Many have also supported the fact that some of the best business minds in Dubai have been put into the board, the step that has been welcomed by the financial market.

The chairman of the Emirates Group and the Dubai Supreme Fiscal Committee, Sheikh Ahmed bin Saeed Al Maktoum has now given the charge of the Chairman of Dubai World, the flagship conglomerate of the emirate. Sultan Ahmed bin Sulayem is substituted by him.

The Vice-President of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid has given this offer to him in a report from Dubai Media Office.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai's Supreme Fiscal committee stated that a contract between creditors and state-owned corporation, Dubai World may be finalized within a span of two weeks.

Provision of nearly 30% for bad debt from overseas investments in 2009 was set aside by China Construction Bank (CCB), including around USD 1 billion loan granted by its Hong Kong branch to the Dubai World.