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Posts Tagged ‘economy

Financial Crisis Hits Dubai, in pictures [37 photos]

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Dubai in the trenches. Where will they go from here?
clipped from blogs.denverpost.com

(AP) Just a year after the global downturn derailed Dubai’s explosive growth, the city is now so swamped in debt that it’s asking for a six-month reprieve on paying its bills – causing a drop on world markets Thursday and raising questions about Dubai’s reputation as a magnet for international investment.

The fallout came swiftly and was felt globally after Wednesday statement that Dubai’s main development engine, Dubai World, would ask creditors for a “standstill” on paying back its $60 billion debt until at least May. The company’s real estate arm, Nakheel – whose projects include the palm-shaped island in the Gulf – shoulders the bulk of money due to banks, investment houses and outside development contractors.

clipped from www.copytaste.com

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clipped from blogs.denverpost.com

In total, the state-backed networks nicknamed Dubai Inc. are $80 billion in the red and the emirate needed a bailout earlier this year from its oil-rich neighbor Abu Dhabi, the capital of the United Arab Emirates.

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Written by Steve

December 2, 2009 at 2:29 pm

Posted in Uncategorized

Tagged with , ,