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The emirate’s recent debt problems may have shaken the world, but Dubai will bounce back and will soon be back on its feet, say authorities.
December 10, 2009 2:00 by Aarti Nagraj
His confidence in the country was also reiterated by World Bank president Robert Zoellick, who said on Wednesday that the debt situation in Dubai “can be contained.”
“Officials have to be prepared for different waves of the [global] crisis,” he said. “We have to anticipate potential dangers [in 2010] because we are not through this crisis.”
But the confidence levels in the market are still running low; investment firm Dubai Holding, owned by Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, could be “next in line” to restructure its debt, UK-based bank Barclays said this week.
And on Wednesday, Dubai-based property developer Emaar said that it was calling off a merger with Dubai Holding’s property companies. “The board of Emaar Properties said that studies showed the lack of economic feasibility of the merger project,” said a statement from the ruler’s office.
In June, Emaar had announced that it would merge with Dubai Properties, Sama Dubai and Tatweer, claiming the process would take four months to complete.
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