November 27, 2009

selwakumar: News of the week - Fallen confidence on DUBAI

Selwakumar reports the news of this week is about the economy impact on DUBAI's disappoinment to the world.

My Quote:     "Dubai World is cheating the World"

What is Dubai World:

    The emirate's flag bearer in global investments
    Has a central role in the direction of Dubai's economy
    Assets include DP World, which caused a storm when trying to take over six US ports
    Property arm Nakheel built The Palm Islands and The World developments

Issue Now
The major fundamental fear is that Dubai's harms could reignite the international financial turmoil of the credit disaster.
Any knock to economic confidence could lower global demand for a whole range of merchandise, including oil.
Oil prices have dropped sharply. US crude fell 5% to $74.23 a barrel. Dubai, which has less oil money than many of its neighbors, become a trading and seeing the sights hub with global ambitions.
Dubai World, the multinational that led the emirate's development, had $59bn (£36bn) of liabilities as of August, a large proportion of Dubai's total debt of $80bn. Its contributory Nakheel was the builder of the landmark palm tree-shaped island developments off Dubai.

Impact of this issue:

The main share indexes in London, Paris and Frankfurt all opened more than 1% poorer before getting better.
The moves followed news from the state-owned Dubai World that it would delay repaying some of its debt.
"The world financial system is stronger now and able to deal with the problems that arise," he told reporters on his way to a Comonwealth leaders summit.
Dubai World is the centrepiece of the Gulf state's economy. Selwakumar personally thinks and says that "You can't just say to the world: 'I don't want to pay my debts'. There is no income coming in from any of these properties. I think this is shocking PR."
Important that: "We're very heavily interlinked. Dubai is the key financial centre in the Middle East."
It also coincided with the closedown of the world's most important share market, with US markets winding down for Thursday's Thanksgiving holiday.
Uncertainty of the scale of banks' exposure to Dubai hit banking shares at first. However, bank shares recovered strongly throughout Friday morning.


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