Dubai World is a state-owned conglomerate of 10 firms including cash-strapped real estate giant Nakheel and the world's third-largest ports operator, DP World. Dubai shocked international finance circles last week when it asked for a six- month moratorium on Dubai World's debt, estimated to amount to 59 billion dollars (39.3 billion euros) of the emirate's public debt of 80 billion. Nakheel, builder of the Jumeirah Palm artificial island in Dubai, was due to repay a 3.5-billion-dollar debt on December 14. Under the shadow of last year's world economic crisis, Nakheel had already frozen ambitious projects such as a one-kilometre-high (3,280 foot) tower and a new city, Waterfront, twice the size of Hong Kong. Another real estate branch of Dubai World -- Limitless -- focused initially on projects in Russia, Vietnam and Saudi Arabia but also in Dubai. It has a 1.2 -billion-dollar bond issue that matures on March 31. Istithmar, the conglomerate's investment arm, has since its creation in 2003 acquired assets with an estimated value of more than 2.9 billion dollars, including the QE2 cruiseliner which it aimed to convert into a luxury hotel. DP World manages 50 container terminals in 32 countries. In January, it announced that expansion projects and hiring of staff were being frozen because of a global slowdown at port terminals due to a trade slowdown around the world. But in March it still announced net profits of 621 million dollars for 2008, up 48 percent over the previous year. Economic Zones World, another subsidiary, seeks out free trade opportunities around the world, apart from running Jebel Ali Free Zone (JAFZ) and Dubai's Technopark. It has announced projects in Djibouti, Iraq and Senegal. Leisurecorp, in charge of investments in sports and leisure, and Dubai Multi Commodities Centre (DMCC), a free trade zone for gold, silver, diamonds and other precious metals, also form part of Dubai World. Drydocks World handles 400 ships a year, mostly oil tankers, while Dubai Maritime City aims to launch by 2012. In the heat of the global crisis, Dubai Natural Resources World was set up in September to invest in energy, mining and agricultural sectors around the world. 