Dubai’s latest mega-project – a massive default?
Prieur du Plessis (November 28th, 2009) Writes:
This post is a guest contribution by James Pressler* of The Northern Trust Company.
Over the past few years, Dubai has built a reputation not just locally but worldwide. As the fastest growing of the seven emirates making up the United Arab Emirates, it has become known for its astonishing creations - the largest manmade islands (three at latest count), one of the world’s largest ports, and the Burj Dubai - the tallest manmade structure in the world. Unfortunately, its latest creation is not receiving the same kind of oohs and ahhs. The announcement on Wednesday requesting a six-month payment freeze on the $59 billion in debt issued by Dubai World, a state-run conglomerate behind all this grand development, made markets shudder at another prospect - the largest sovereign default since Argentina in 2001.
While technically this week’s announcement does not yet constitute a formal
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I’m writing this from a hotel room in Santa Monica in California. I’m on holiday here with my lovely wife Lynn and our two equally gorgeous daughters, Eilish and Maddie, and am about to embark on an RV trip across America to Orlando in Florida.