Dubai
Nakheel has presented an offer to creditors to restructure the debt. This is seen as a cautiously positive move....
The UAE and Dubai economies appear to be decoupled. The UAE is projecting growth of up to 4% next year, while Dubai continues to slump. Further contraction in Dubai is expected this year....
Dubai International Group, part of Dubai Holding, has announced it plans to ask for a standstill on payments on loans that are due in June....
It emerged that at least 10 travelers on board the Air India jet that crashed after leaving Dubai had fake passports....
Naval exercises by Iran in the Straits of Hormuz have prompted GCC leaders to strengthen their joint defenses and call for a united effort against Iran....
Dubai government appears to have solved an immediate debt repayment issue as it effectively takes control of some Dubai World entities....
Contradictory remarks by the Dubai government and Dubai World are further indication that issues of governance, transparency and communications are not being addressed....
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 assassination of a senior Hamas leader in Dubai threatens to tarnish the image of the emirate as one of the region’s most open, yet safest....
The call by British Business Secretary Lord Mandelson calling on Dubai to resolve its debt problem puts further pressure on Dubai to put its act together....
Increasing tensions between the West and Iran increases the risk of Iranian attacks against Western interests in the GCC....
Dubai Holding has severed its ties with Standard and Poor after the rating agency downgraded Dubai Holding....
Union Properties announcement that it plans to sell some of its assets to pay for its debt is a severe blow to the position to what was considered one of the emirate’s bestrun large developers....
A leading Kuwaiti daily reported government sources as saying that there is an increased Al Qaeda threat in the Gulf, in view of the ongoing Yemen war....
Dubai’s Union Properties new Chairman announces that the company does not need government assistance. However, over 1,000 construction workers have held a rare demonstration due to unpaid salaries....
Abu Dhabi has decided to give Dubai a life-line by lending Dubai US $ 10 billion. This is a temporary solution, without which both Dubai and the UAE in general would have suffered greatly....
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 calling-off of the merger talks between Emaar and Dubai Holding is seen as a necessary move to limit the damage of the debt standstill....
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....
