Debt crisis in Dubai - the party is over

The fallout came swiftly and was felt globally after Wednesday statement that Dubai's main development engine, Dubai World, would ask creditors for a "standstill" on paying back its $60 billion debt until at least May. The company's real estate arm, Nakheel — whose projects include the palm-shaped island in the Gulf — shoulders the bulk of money due to banks, investment houses and outside development contractors. In total, the state-backed networks nicknamed Dubai Inc. are $80 billion in ...
Author: SuppressedNews; Tags: Dubai debt crisis


















