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DubaiWorld
Abu Dhabi Throws Dubai $10 Billion Lifeline
By Christopher Weber - Politics DailyFinancially-strapped Dubai got a last-minute $10 billion loan from neighbor Abu Dhabi Monday to bail out a government-owned company that had run up massive debt and was on the verge of collapse. The conglomerate Dubai World was up against a Monday deadline to repay loans from its property division. At least $4.1 billion of the Abu Dhabi money will be used to balance its books and the rest will go toward keeping Dubai World financially secure in the future, the Washington Post reported. News of the loan sent Dubai's main stock market up more than 10 percent. Analysts hope the move will calm ...
Will The Sun Never Set on Dubai's Debt?
By Joseph Schuman - AOL News(Nov. 30) -- There may be something in the financial woes of a Persian Gulf emirate that prompts gloating in the West, some latent ill will, perhaps, that dates from the oil shocks of the early 1970s. But the meltdown in Dubai, now shaking markets worldwide, is as American as a subprime mortgage loan and potentially just as risky. The head of Dubai's Department of Finance on Monday told Dubai television that the government won't guarantee the roughly $60 billion of debt incurred by Dubai World, the state-backed real estate, transport and investment conglomerate that has made Dubai a showcase ...
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