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Latest News

Dubai’s debt debacle

Dubai’s debt debacle

Authorities in Dubai claim the media over-hyped the emirate’s announcement of a six-month debt standstill for two of its major companies. But international bodies are still monitoring the situation.

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November 30, 2009 3:35 by



The UAE stock markets crashed after opening on Monday-the first time they opened since Dubai announced on Wednesday that it would ask creditors for a six-month debt standstill for two of its major companies – Dubai World and Nakheel Properties. Fourteen out of 32 companies in Dubai and 17 out of 60 firms in Abu Dhabi opened in red on Monday, with some companies seeing their stocks falling by around 10 percent.

But while the country’s stock markets are nose diving, global indexes seem to be picking up. According to Bloomberg, the MSCI Asia Pacific Index in Tokyo rose 3.5 percent on Monday, South Korea’s Kospi Index gained 2.4 percent, the main index in China increased 2.5 percent and the Taiex index in Taiwan also gained 1.2 percent.

“The market over-reacted on Friday,” Phillips Securities analyst Rock Lam told Reuters. “Over the weekend, UAE has showed support to Dubai’s debt issue so the market is quieting down and shares are rebounding.”

“Although Dubai World is extending its repayment period, it will not pose an impact on banks’ earnings,” he said.

The UAE Central Bank also announced on Sunday that it would “stand behind” local and international banks operating in the country. The bank said that it would provide them “a special additional liquidity facility linked to their current accounts at the Central Bank,” reported official news agency WAM.

The Central Bank also added that the country’s banking system was “more sound and liquid than a year ago.”



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4 Comments

  1. Josef Tool on December 1, 2009 12:25 am

    I live in Dubai for 2 years… leaving in June 2009. Even after all that has happened over the past 12-18 months there; these guys just keeping talking as if Dubai is travelling along like nothing wrong and with their heads stuck in the sand… the arrogant’s and naivety is shocking!

     
  2. Ahmed on December 1, 2009 9:54 am

    Josef- the fact that you can’t spell ‘arrogance’ or ‘naivete’ leads me to believe that you were one of the many underqualified, self-righteous, undereducated Brits who tried to make an easy fortune in Dubai and failed. The U.S. and the UK had systemic financial shocks greater than Dubai’s by far, but they have dealt with them just as Dubai is. Just because Dubai’s leaders wear headresses and are not white doesn’t mean they’re not proactive and policy-minded. Dubai will emerge stronger than before as the re-emerging capital of the Arab World.

     
  3. Andrew on December 3, 2009 1:22 pm

    With a name like Josef? Eastern European mate. The primary reason the US and UK have been hit so hard is well, quite simply, centre of world finance?

    I do however wish a lot of the scrubbers from the UK would disappear back down whatever hole they came from, as I came out here to escape them in the first place.

     
  4. Josef Tool on December 6, 2009 1:23 pm

    Ouch boys… Just like many of you; the truth hurts; then you get all defensive and rude. Very common you must be.

    Where I am from (you clowns) is immaterial.

    And finally…Sorry Miss; if the incorrect spelling is all you’re got to throw back at me over my note… You need to leave Dubai too; as you have very little to offer. them.

     

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