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Clearing the web around Dubai
Affirming that the Dubai bubble has not burst, officials in the city accuse the media of wrongly equating Dubai World’s debts to the government.
December 1, 2009 2:36 by Aarti Nagraj
Although the UAE’s stock markets fell for the second consecutive day on Tuesday following news of Dubai World’s request for a six-month debt standstill, international markets have stabilized. The government-owned conglomerate Dubai World announced on Monday that it was restructuring around $26 billion worth of debt, including around $6 billion related to Nakheel’s sukuk.
“Dubai World intends to adopt a policy of regular communication and will provide further updates as this process develops,” a statement from the company said.
But the global media does not seem to be appeased; most international papers are still talking about the death of the emirate, blaming Dubai’s lack of transparency for the “bubble burst.”
But the bubble has not burst, insisted General Dahi Khalfan Tamim, the chief of Dubai Police reiterated on Monday.
“There are tens of Dubai-based national firms which are making huge successes worldwide,” he told the nation’s official news agency, WAM, adding that “reality investors” in the emirate were still safe from the global financial crisis. “Only speculative real estate investors have been affected by the slowdown in the sector,” he said.
He also said that the UAE’s banking sector was strong and that “local banks possess enough assets, adequacy, liquidity and reserves to continue fuelling the development process.”
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