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the debt crisis In Dubai

November 30th, 2009

It is said In Dubai ‘we do not sell cheap,assets to pay debts ‘

Dubai Administration, lived after the debt crisis to give confidence to the markets in the country, local and foreign banks that provide liquidity support, explaining, Dubai World, authorities to meet the debt assets and real estate to sell at a low price has declined.

UNITED Arab Emirates (UAE) Dubai, one of the seven orders Management, lived to give confidence to the markets after the debt crisis in the country, announced that all banks provide liquidity support. 59 billion dollar debt Dubai World, the 25 billion dollars are at stake. The statement, “UAE banks and foreign banks in UAE, the UAE’s three-month interbank interest rate on 50 basis points, the Central Bank current account in connection with additional liquidity support was provided to” specified. Domestic and foreign banks reported that behind the Central Bank, the UAE banking system is solid and liquid than a year ago as noted.

We do not sell low price

Dubai World, officials at Al-Itihad newspaper, the group of companies $ 60 billion closer to the date of payment of the debt for low prices to sell their real estate assets and rejected the possibility, he said. Dubai World, in the hands of real estate assets to the port are many. The company’s restructuring of the economic crisis affected badly due to foreign investments and real estate are expected to focus on the officials said, sales of assets of the group long-term strategic goals also economic pressure to meet a commercial basis should be fair, he said.

‘Sukuk’ları will postpone

According to the Financial Times news, Dubai Administration, Dubai World, s’ Palm Island real estate company which also has interests Islamic Nakheel’in delayed payments of bills to the future of the month preparing for the campaign to do. Ministry of Finance, public and $ 4 billion of bonds with interest-free bonds (sukuk) to contact about doing the preparations.

Bono persuaded owners

Government, bonds with three-quarters of their value include the amount of bonds subject to the agreement is required. Dubai Financial Committee members and high-chaired by the Ministry of Finance to start a press campaign. Dubai Government, the vast majority of bond holders is located in Dubai and Abu Dhabi, in the direction of the renewal of the contract or credit voucher to persuade owners to facilitate stress.

OECD: 30 largest economies of the public debt will increase by 100 percent

Debt crisis in Dubai in other countries also drew attention to the danger of public debt. OECD, 30 economies in 2010, the debt grew 100 percent in the direction warned. According to the figures 20 years ago means two-fold increase. Japan public debt is expected to increase 200 percent next year. This rate of 127.3 percent in Italy, in Greece is expected to be 111.8 percent. Government no longer being asked to give signals in the direction of tax increases.

No risk of crisis in Europe as in Dubai

European Central Bank President Jean-Claude Trichet, after meeting his Chinese Prime Minister Wen Jiabao’yla information meeting of the Chinese currency revaluation would be appropriate premium Yuan said. Trichet, “The exchange rate, yuan, we discuss cases. More flexible policies toward Beijing determines that have encouraged, “he said. Head of Euro Area Office participated in Luxembourg Prime Minister Jean-Claude Juncker also with respect to the debt crisis in Dubai, “I do not see a risk of this kind in Europe,” he said.

Emirates: We’re shocked, but our growth stops

Government-owned Emirates Airlines DUBAI President Tim Clark, the debt crisis that shocked the business world in Dubai, he said. Speaking to the British Sunday Telegraph newspaper, Clark, “We’re a little shocked. But this situation will Dubai. Affected by this crisis I’m sure our company. Aircraft do not intend to cancel our order. Stop our growth, “he said.

European banks had cut hopes from Dubai, Abu Dhabi can wheel turned

United Arab Emirates (UAE) 7, which is one of Dubai’s emir ‘delay debt’ with the emerging demand began to ease financial fluctuations. However, this problem without affecting especially the European banks overcome their concerns continues. Only good news coming from the Gulf UAE’s capital Abu Dhabi, Dubai is considered to be once again to help.

Oil is not rich in finance, real estate and tourism as the center of the front, but fell with payment difficulties ‘in crisis has come second wave’ of the ghost who fears Dubai, is waiting for help. Money and capital markets’ Dubai ease the impact of shocks, but want to be delayed until May 2010, the European banks of the 59 billion dollar debt will affect my concern continues. At this point, the only development sprinkle water to the heart, the United Arab Emirates (UAE) to enter another emirate Abu Dhabi circuit to intend.

This time, more ’selective’ will

And the oil-rich Emirates capital Abu Dhabi officials, to help Dubai’s debt would pay, but it is the guarantor of the debt in the ’selective’ report will be added. Abu Dhabi officials, some of Dubai’s commercial debt, some debt is in the semi-official nature, so payment of debts, according to Dubai’s debts and liabilities, itemized according to time and will evaluate noted. In February, with $ 10 billion bond sale to help oil-rich Abu Dhabi to Dubai, Dubai debt problem into a crisis with the financial capacity to prevent says.

British heart in his mouth

However, the precise agreement between Abu Dhabi and Dubai have provided, especially the European banks will not end concerns. 59 billion dollar debt to pay their creditors in May 2010 Dubai World, who want the time, Abu Dhabi Commercial Bank comes at the beginning of the creditor class, this 59 billion to 40 billion dollars to many international banks. Dubai’s expensive projects funded predominantly attention of European banks, while the possible negative impact of the crisis will be the most British banks are expressed. Center moved to Hong Kong although the UK’s largest banks known as the British investment bank HSBC and Standard Chartered Bank as well as from Singapore, DBS Group, Sumitomo Mitsui Financial Group from Japan as the world’s banks in other countries are also closely involved.

Sheikh el Sheikh Nahyan also extended his hand to help Maktum’a

UNITED Arab Emirates (UAE) 7 orders since Dubai El Maktoum dynasty 1833′ten then manages this. There at the beginning of Abu Dhabi Al Nahyan dynasty. Sheikh Mohammed bin Rashid al Maktoum of Dubai currently, I also Prime Minister of the UAE. Preparing to extend a helping hand Maktum’a El sheikh of Abu Dhabi Khalift bin Zayed al Nahyan. To continue with the project had enormous wealth entering el al Nahyan a complete oil-rich Maktum’un contrary. Maktoum, with a fortune of 18 billion Lira Forbes ‘most wealthy of royals’ ranking is ranked 5th. Sheikh bin Zayed al Nahyan of Abu Dhabi Khalift the 23 billion-dollar fortune and is ranked 2nd.

India: No need to panic

Creating 30 percent of the population of India DUBAI Indian Finance Minister Pranab Mukherjee, Dubai’s debt to postpone the third largest Asian economy affected by demand said. Dubai is not the big players in Indian real estate agent with Mukherjee told, “No need to press the panic button,” he said.

Then drew attention from Dubai to Greece

FINANCE Minister Mehmet Simsek, the difficult situation after the fall of Dubai also drew attention to Greece. Minister Simsek, “Greece’s also a serious increase in risk premiums have exploded there. I wonder into trouble paying the state debt, do not enter a serious increase in the risk premium in the sense of there “he said.

35 days after the world’s tallest skyscraper opens

Living with the debt crisis in crisis who lived through the horror the second dip in Dubai, in Feast of Sacrifice, and then a long holiday after the National Day celebrations because of the opening is preparing for a major. With a height of 818 meters in total, ‘the world’s highest skyscraper is’ The Burj Dubai is scheduled to open in January 4th 2010. The features of the January 4 el Maktum’un ‘order’ is created on the day. This special day will be opening in Dubai for the preparation is done. However, the debt crisis of postponement is not vaccinated at the opening of the expected lack of glory is seen as a possibility.

Significant development in Dubai crisis

And the oil-rich Emirates capital Abu Dhabi officials, to help Dubai’s debt would pay, but it is the guarantor of the debt will be selective in their reporting.

The balloon was swollen blow-out in Dubai

Abu Dhabi officials, some of Dubai’s commercial debt, some debt is in the semi-official nature, so payment of debts, according to Dubai’s debts and liabilities, itemized according to time and will evaluate noted. Analysts, oil-rich Abu Dhabi, Dubai debt problem into a crisis that may prevent the financial capacity are noteworthy. Analysts Nakheel’in, through the financing arm, financial status, is in a power crisis to absorb the stress.

Possible adverse effects of a crisis will be the most British banks are being expressed. Meanwhile, the rating agencies also Dubai’s closely monitored, but did not consider reductions that stage, a note stated.

United Arab Emirate (UAE) forming one of the Emirate of Dubai’s heavy burden of debt deferment request, the financial crisis and revive fears of Dubai World companies to defer payment of debt explanation, U.S., Asian and European stock exchanges was the cause of the loss.

See an important role in Dubai’s rapid development and government-owned company, Dubai World and Nakheel connected to these companies, as a first step in restructuring billions of dollars of debt they had to explain the postponement might like. Dubai World, approximately 60 billion dollars are owed.

Dubai World, has requested to postpone debt Beckham and Brad Pitt shot at
Economy with foreign capital and giant real estate project in Dubai, the government’s growing investment company owned ones the lender, debt repayment to the requested postponement was announced 6 months.

The driving force behind Dubai’s rapid development of the Dubai World’s 59 billion dollars in December borcununun section 5.9 billion dollars required to pay back when you wanted to postpone the payment in May 2010. United Arab Emirate, one of the corps orders forming seven autonomous Dubai, six years of rapid development since the second half of last year after shrinking in the economy began to see. Very negative impact from the global crisis and economic slowdown in the Dubai real estate prices were to decline rapidly.

Palm island in difficult

In a statement from the Dubai government debt to postpone the request for back payments, a subsidiary of Dubai World, which also applies to property company Nakheel is specified. Palm-shaped “Palm Jumeirah” artificial island named responsible for the construction of the property company Nakheel financial problems, has created concerns about the completion of the island was determined. The investments in the country and artificial Palm island villa they Jumeriah’ta David Beckham and Brad Pitt is known to be affected by this condition were reported.

Confidence can be staggering

The experts are from signs that the global recovery of the economy these days of the request to postpone the debt, by creating greater confidence crisis drew attention could lead to losses. SICO Investment Bank experts Şakil Sarvar, “It’s a shocked state. Because the last few months the news, Dubai’s most likely to meet debt investments direction was from, “he said.

Abu Dhabi may seek help

Dubai’s 85 billion dollars Experts of the foreign debt payments that occur when specifying a question mark about the emirate and the giant construction projects that are based on foreign capital model paid for spectacular growth, he says. In a statement from Deutsche Bank, Dubai’s debt worth $ 4.3 billion and 4.9 billion dollars next month, the debt must be paid in the first quarter of 2010 was noted. Dubai’s status in the economic sense to fix a more conservative attitude adopted to help the Abu Dhabi could have been saved.

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