Nakheel
The UAE ministry of labour has stopped 800 of the country’s large companies from hiring staff. This came as a result of the ministry’s efforts to address non-payment of wages to staff....
Nakheel has indicated that it may not pay back the Islamic bonds – sukuks, which mature in May 2010. A default by Nakheel could trigger an array of downgrades of Dubai government-related entities....
The stoppage of work by Arabtec on Nakheel projects indicate that the Dubai problems in general are far from over and that chances of a quick recovery are remote....
The reaction of Dubai government sources after the announcement of the Dubai World debt standstill has only contributed to further shaking the confidence in the way the emirate’s economy is run....
The announcement by Dubai that it will ask its creditors for a payment "standstill" raises very serious concerns about Dubai’s ability to continue its development plans in the short to medium term....
Dubai World, owned by the Dubai government will ask creditors for a “standstill” and an extension of maturities for all debt to “at least 30 May 2010” according to an official statement....
Dubai-government owned developer Nakheel has indirectly acknowledged that it does not plan to continue building its flagship man-made island project the Jebel Ali Palm....
Dubai’s Nakheel and Emaar have both said they will participate in Cityscape Dubai, after initially saying they will not participate....
Dubai government-owned companies have embarked on major reforms and restructuring, as well as panic selling of assets....
In a short-term the government will remain stable regardless of the rising discontent. This will be guaranteed mostly by the firm parliamentary majority rather by implementing policies and reforms....
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