For the financial experts (and the rest of you too): Dubai defaults on debt (sort of)
#181
BE Forum Addict
Joined: May 2007
Location: Utopia
Posts: 1,644
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
EmiratesMillhouse has started a new thread that updates on this subject.
So, to quote Sheikh Mo, the UAE-bashers can "Shut up".
So, to quote Sheikh Mo, the UAE-bashers can "Shut up".
I just hope the lessons are finally starting to hit home.
#182
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
It simply is not going to happen!
Once the governmental "house cleaning" is done, we'll not likely see this happen again as UAE and Dubai have certainly learned some important lessons. They have no choice but to adopt more conservative and pragmatic measures in the future.
I guess we can go back to bitching about bad traffic and runaway maids?
#183
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
In any case, this quashes the predictions of a DEWA shutdown, and an overseas seizure of Emirates planes and DP World ports, etc.
It simply is not going to happen!
Once the governmental "house cleaning" is done, we'll not likely see this happen again as UAE and Dubai have certainly learned some important lessons. They have no choice but to adopt more conservative and pragmatic measures in the future.
I guess we can go back to bitching about bad traffic and runaway maids?
It simply is not going to happen!
Once the governmental "house cleaning" is done, we'll not likely see this happen again as UAE and Dubai have certainly learned some important lessons. They have no choice but to adopt more conservative and pragmatic measures in the future.
I guess we can go back to bitching about bad traffic and runaway maids?
#184
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
In any case, this quashes the predictions of a DEWA shutdown, and an overseas seizure of Emirates planes and DP World ports, etc.
It simply is not going to happen!
Once the governmental "house cleaning" is done, we'll not likely see this happen again as UAE and Dubai have certainly learned some important lessons. They have no choice but to adopt more conservative and pragmatic measures in the future.
I guess we can go back to bitching about bad traffic and runaway maids?
It simply is not going to happen!
Once the governmental "house cleaning" is done, we'll not likely see this happen again as UAE and Dubai have certainly learned some important lessons. They have no choice but to adopt more conservative and pragmatic measures in the future.
I guess we can go back to bitching about bad traffic and runaway maids?
All this does is cover the Nakheel sukuk. The payment freeze whilst DW restructures is still out there and people are now going to be asking a new question.
Why didnt AD announce a full rescue package for DW??? They have earmarked part of the 10bn for interest payments, ONLY if the payment freeze is agreed....It makes it seem even more unlikely that they will dip into the coffers to further aid the restructure, which will basically mean a default on the remaining debt...
#185
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
Not really..
All this does is cover the Nakheel sukuk. The payment freeze whilst DW restructures is still out there and people are now going to be asking a new question.
Why didnt AD announce a full rescue package for DW??? They have earmarked part of the 10bn for interest payments, ONLY if the payment freeze is agreed....It makes it seem even more unlikely that they will dip into the coffers to further aid the restructure, which will basically mean a default on the remaining debt...
All this does is cover the Nakheel sukuk. The payment freeze whilst DW restructures is still out there and people are now going to be asking a new question.
Why didnt AD announce a full rescue package for DW??? They have earmarked part of the 10bn for interest payments, ONLY if the payment freeze is agreed....It makes it seem even more unlikely that they will dip into the coffers to further aid the restructure, which will basically mean a default on the remaining debt...
(*ahem* It must be fantastic having insider knowledge...)
http://www.arabianbusiness.com/575098-pay-back
#188
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
until the next time, i have an absolute belief that the muppets wont learn a thing from this as yet again those concerned are absolved of responsibility and bailed out like spoilt kiddies
#190
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
The "predicted" DEWA shutdown, seizure of Emirates planes and DP World ports, armageddon, etc - is not going to happen.
The Nakheel Sukuk will be paid by it's 28 Dec deadline.
Remaining bonds are another issue completely, but today's news is a good indication of the ability and intent to honor debt obligations. HSBC, RBS, etc have all opened higher on this news - so the market appears to agree with that point.
The heads of Dubai's loss-making entities have been replaced with veteran players, and not necessarily absolved of their neglected responsibilities.
Though far from perfect, Dubai is far from "finished". That's my point.
#191
Forum Regular
Joined: Nov 2009
Posts: 34
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
Where does the money come from when the next payment is due?
#192
Re: For the financial experts (and the rest of you too): Dubai defaults on debt (sort
I believe I will be taking your advice... thanks.
Here is another comment from Robert Fisk...
This wasn't quite the problem, I tried to explain. Most folk know where Dubai is. It was a little matter of the truth, transparency which no cry of "shut up" could clarify. And within 24 hours, the appeal for a notional $26bn "restructuring" of debt – the Emirates newspapers and television obediently avoid all talk of default – looked like turning into a princely (or perhaps kingly) $46.7bn. The Dubai Financial Market index fell by 6.1 per cent. UBS said Dubai state-run companies may have to repay the equivalent of 43 per cent of the emirate's GDP within two years.
http://www.independent.co.uk/opinion...s-1838199.html
Here is another comment from Robert Fisk...
This wasn't quite the problem, I tried to explain. Most folk know where Dubai is. It was a little matter of the truth, transparency which no cry of "shut up" could clarify. And within 24 hours, the appeal for a notional $26bn "restructuring" of debt – the Emirates newspapers and television obediently avoid all talk of default – looked like turning into a princely (or perhaps kingly) $46.7bn. The Dubai Financial Market index fell by 6.1 per cent. UBS said Dubai state-run companies may have to repay the equivalent of 43 per cent of the emirate's GDP within two years.
http://www.independent.co.uk/opinion...s-1838199.html
http://www.cnbc.com/id/15840232?video=1346069752&play=1
#193
BE Forum Addict
Joined: May 2007
Location: Utopia
Posts: 1,644
How convenient
New bankruptcy law, not for individuals mind just to cover the govts arse.
http://gulfnews.com/business/banking...today-1.553414
http://gulfnews.com/business/banking...today-1.553414
#194
Re: How convenient
New bankruptcy law, not for individuals mind just to cover the govts arse.
http://gulfnews.com/business/banking...today-1.553414
http://gulfnews.com/business/banking...today-1.553414
So it applies to only DW... seems to indicate that they believe it may well fail - perhaps April 2010...
#195
Re: How convenient
"The law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations," the Government of Dubai said in an e-mailed statement earlier today.
So it applies to only DW... seems to indicate that they believe it may well fail - perhaps April 2010...
So it applies to only DW... seems to indicate that they believe it may well fail - perhaps April 2010...