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Dubai’s supporters

Dubai’s supporters

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



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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3 Comments

  1. Falcon on December 13, 2009 7:42 pm

    It is really difficult as a person who has grown up in a democracy to have to muzzle my responses to this crisis because this country doesn’t allow free debate or seem interested in what its local population think on most issues. I am not a National so I have no rights here. But, as someone who is directly affected by these recent actions – reported in full in the foreign press, to whom I have to say, ‘thank you’ because these media are the only ones who are telling it as it is – I would respectfully suggest that the gvt here drops the imposed rule of censorship in the media. If not directly imposed, self-censorship is wide spread in all media here. We who live in Dubai should be told what is happening by reporters who at the moment, it seems, are not allowed to do their job. We are the poorer for this and this leads to mistrust and ignorance. The gvt should be less secretive or at least listen to best PR advice. This has been a disaster in the wider world and a mystery to those of us fed nothing at all or….. just good news!!!

     
  2. The Truth on December 14, 2009 10:58 am

    we ain’t seen nothing yet

     
  3. Financier on December 16, 2009 1:21 pm

    It is hardly suprising that this happened , in fact it was long overdue, If one were to go by the the reports in the business pages of two very well known english dailies coming out of Dubai we can find a lot of inconsistencies. An uninformed person would not quite get to it but to a person with a financial back ground it would be pretty obvious , the policies and the various press releases that come out from the Central bank and its Chairman from time to time reads like a joke book. The rudiments of Global Financial Chain Management are totally missing , and even schoolchildren in my country would be able to say more sensible things.

     

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