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Dubai Gets $10 Billion Bailout to Ease Debt

Discussion in 'International Forum' started by MaxShimba, Jul 21, 2011.

  1. MaxShimba

    MaxShimba JF-Expert Member

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    DUBAI -- The United Arab Emirates said Sunday it will spend $10 billion to bail out the once-highflying emirate of Dubai, whose huge construction and financial-sector expansion plans became a symbol of boom times, and now of a world-wide downturn.

    Dubai financed much of its recent growth with international borrowing, and a big chunk of that debt comes due this year. The Dubai government said in a statement Sunday it would issue $20 billion in long-term bonds, and that the first installment of $10 billion was fully subscribed by the U.A.E.'s central bank.
    Source and more news: Dubai Gets $10 Billion Bailout to Ease Debt - WSJ.com
     
  2. MaxShimba

    MaxShimba JF-Expert Member

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    It is sad to hear this. Many people thought Arabs have all the money and they don't need bailout? lolz
     
  3. MaxShimba

    MaxShimba JF-Expert Member

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    Poor Dubai
     
  4. SHERRIF ARPAIO

    SHERRIF ARPAIO JF-Expert Member

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    10 billion USD mbona hela kidogo sana ku-jumpstart the economy? Waarabu wawezakuwa na hela lakini ni malodi lofa.
     
  5. MaxShimba

    MaxShimba JF-Expert Member

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    They need to raise the debt ceiling
     
  6. SHERRIF ARPAIO

    SHERRIF ARPAIO JF-Expert Member

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    Raising the debt ceiling for only 10 billion usd?
     
  7. MaxShimba

    MaxShimba JF-Expert Member

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    It seems that they are broke. If 10B is a problem, then they need to raise the debt ceiling. They must be in a very bad shape.
     
  8. SHERRIF ARPAIO

    SHERRIF ARPAIO JF-Expert Member

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    I thought you mean 10 Trillion usd
     
  9. M

    Mr.Right JF-Expert Member

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    Dubai is a states part of UAE. Abu Dhabi has a lot of money, but it doesnt want to bailout its neighbor due to some of controversery issues between Dubai and Abu Dhabi. Is like Chicago ask for rescue from international countries.
    Tatizo kubwa ambalo linaitosa Dubai, ni direction iliyoichukua ya kukaribisha wageni. Ndiyo maana imekuwa isolate from UAE, kwa muda mrefu sasa hivi.
     
  10. MaxShimba

    MaxShimba JF-Expert Member

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    That is a good number for them. The problem is this, most of the real estate they have are western loans. HSBC is one of the financial institution loosing money from Dubai's real estate. Siemens is another company suffering from the same issues. Most of the engineers and electric equipment are/were from Germany. A lot is involved in Dubai, forget the train et al.
     
  11. MaxShimba

    MaxShimba JF-Expert Member

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    So sad to hear that.
     
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