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Nov 30th, 2009
A number of business heads insist that the emirate will manage its debt crisis efficiently, and that Dubai “will not default” on its loans, Reuters reports.
Riad Kamal, CEO of Arabtec, said: “Dubai should be given time to restructure its debt. I’m not going to lose sleep over this issue.” Meanwhile Khalaf Al Habtoor, chairman of Al Habtoor Group, said: “I am very relaxed. Dubai has never defaulted and it will not default. I am confident the government will meet its commitments and help the companies.”
Global markets fell last week when the emirate requested a standstill on debt repayments.
“Dubai World intends to ask all providers of financing to Dubai World and Nakheel to ’standstill’ and extend maturities until at least 30 May 2010,” a government statement said.
The statement was made before the Eid al-Adha holidays, leaving investors with little information about the emirate’s restructuring plans.
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According to a Gulf News report some time before, Dubai has more than 60000 (approx)small and big $ millionaires. I think they can easily help Dubai government to pay back all the 60 billion $ without any default.
Why should they George?
Isn’t it ironic; if you default on a personal debt in Dubai, you are considered a criminal and hence put in prison. Whilst at the same time, Dubai World and Nakheel default and their own obligations and nothing is done.
A group of extremely affluent men are not going to “lose any sleep” over Dubai’s debt problems. Fine, but they shouldnt go on and terminate staff or try to negotiate outstanding bills as many are doing. There is nothing wrong with being optimistic, but when you act upbeat in public, and then go on trying shortchange employees/customers because of the downturn, its extremely hypocritical