Dubai Debt Plea Sends Fear around World

Dubai Debt Plea Sends Fear around World

Once one of the world's richest cities, emirate now can't pay its bills


Associated Press
updated 6:04 p.m. MT, Thurs., Nov . 26, 2009

DUBAI, United Arab Emirates -

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's 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.

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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didn't we just discuss their big plans for an air -conditioned beach project ?

http://cloud9.roflforum.net/politics-news-f9/refrigerated-beach-in-dubai-t432.htm?highlight=dubai

I is skeered too.

Sounds like a ot of people hear that over spend. Guess we could just go ahead and start with Obama.

sounds like they need a stimulus package, some bailouts and a national healthcare program

KK wrote:

sounds like they need a stimulus package, some bailouts and a national healthcare program

Looks like a job for Obama - let's send him there.

Giada wrote:

KK wrote:

sounds like they need a stimulus package, some bailouts and a national healthcare program

Looks like a job for Obama - let's send him there.

they can even use my tax dollars for that

KK wrote:

Giada wrote:

KK wrote:

sounds like they need a stimulus package, some bailouts and a national healthcare program

Looks like a job for Obama - let's send him there.

they can even use my tax dollars for that

They use our tax dollars for everything else so why not.

Joebert wrote:

KK wrote:

Giada wrote:

KK wrote:

sounds like they need a stimulus package, some bailouts and a national healthcare program

Looks like a job for Obama - let's send him there.

they can even use my tax dollars for that

They use our tax dollars for everything else so why not.

at least this is something you can support