‘Dubai Business’ Archives
Dubai: business as usual
When news broke of Dubai World's economic crash, many feared that the emirate was heading for disaster. But among the high-rise hotels and high-end boutiques, there is much more optimism. You realise you're in trouble when they start talking about what you can see from the moon. Really? That's interesting, you think, when someone tells you [...]
Will Dubai crisis impact India?
By Patrick Jonas OLD-TIMERS will tell you that Dubai's early growth as a trading port had a lot to do with Indian workers. Newcomers to the desert city don't need to be told about who is building the numerous high-rise edifices that dot the city. They just have to look around. Indians simply outnumber all other races. They form nearly [...]
UPDATE 1-Dubai business leaders, media say woes overblown
* Bankers, executives voice confidence in Dubai * Dubai, Abu Dhabi bourses slide in early trading (Adds comment from more executives) By Rania Oteify and Nicolas Parasie DUBAI, (Reuters) - Dubai media and several business leaders rallied to support the Gulf Arab emirate's efforts to manage its debt crisis, saying problems have [...]
London’s banks rebound as Dubai fears ease
London equities started December with gains on Tuesday, on growing hopes that the world's financial markets would take the Dubai World debt default in their stride. The FTSE 100 rose 67 points to 5,257.15, a rebound of 1.3% after a loss of 55 points over the previous session, with losses led by financial and property stocks. Banks [...]
Dubai Chamber forum discusses real estate issues
The roundtable generated feedback and recommendations on solutions for improving business within the highly affected real estate sector Dubai, UAE: Dubai Chamber of Commerce & Industry organised a roundtable discussion on Real Estate Issues Confronting the Business Community at its premises on Tuesday. The meeting brought together [...]
The Dubai Disaster
By AFSHIN RATTANSI Shelley’s Ozymandias is being dredged up because of the economic disaster in the desert emirate of Dubai. International business media are ringing alarm bells over the Middle Eastern city famed for its lifeless skyscrapers and celebration of artifice. The Wall Street Journal reports “Dubai's debt debacle is stoking [...]
UAE stocks remain in freefall
DUBAI: The United Arab Emirates stock markets of Dubai, Abu Dhabi and Qatar plunged on Tuesday by 6.25 percent, 5.91 and 9 percent respectively at the opening, continuing a freefall trend triggered by Dubai's debt woes. The DFM index in Dubai dropped 121.33 points to 1,819.33, while the Abu Dhabi Securities Exchange index fell 157.68 points [...]
PNB has no exposure in Dubai World
Punjab National Bank (PNB) has said that it does not have any exposure in the Dubai World. Speaking to Business Line during his visit to Kasaragod in Kerala State on Saturday, Mr K.R. Kamath, Chairman and Managing Director of the bank, said: “In Dubai World we have no exposure. We have a small exposure of $25 million for Indian customers [...]
Emirates Group boss says Dubai business world ‘in shock’
Tim Clark, president of Emirates Group, has said the Dubai business community is "shocked" by the financial crisis. However he said the community had insisted that the restructuring at Dubai World will not affect the wider economy. The British boss of Dubai's flagship airline told The Sunday Telegraph: "We are all a bit shocked by what's [...]
Dubai World Seeks Debt Standstill
DUBAI -- This debt-laden city-state said Wednesday it would restructure its largest corporate entity, Dubai World, a conglomerate spanning real-estate and ports, and announced a six-month standstill on the company's debt. The surprise move quickly sapped investor confidence in Dubai's ability to pay down its large debt load, sending up the [...]
