Dec. 9 (Bloomberg) -- Foreign creditors of Dubai companies now seeking to restructure debt are responsible for their own assumptions that businesses had the government’s full backing, said Arif Naqvi, Abraaj Capital Ltd.’s chief executive officer. Foreign banks are stakeholders in the problem,Naqvi said in an interview today. On one hand, they lost betting on subprime and had to be bailed out by their governments. On the other hand, they express outrage at Dubai wishing to reschedule and expect to be paid dollar-for-dollar without even listening to the terms of the rescheduling. Moodyâs Investors Service yesterday downgraded six companies controlled by Dubaiâs government, including port Operator Dp World Ltd., saying recent comments by government officials indicated the businesses donât have state backing. Dubaiâs government hasnât guaranteed Dubai Worldâs debt and creditors must help it restructure, Abdulrahman Al Saleh, director general of Dubaiâs Department of Finance, said Nov. 30.
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