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British banks have the most to lose among international lenders from a crisis in the United Arab Emirates, with a combined $49.5 billion of loans outstanding, according to a report from RBS that cites Bank for International Settlements data published in June.
U.K. Prime Minister Gordon Brown’s government is monitoring the situation in Dubai, his spokeswoman said today.
Banks, world leaders play down Dubai debt threat
And this is the final nail in the coffin for good ol' Dubai. I will visit the place in a decade or so, just to see what happens to a city full of abandoned 5 star hotels and mega complexes.
Gilbert Gottfried (born February 28, 1955) is an American stand-up comedian and actor whose trademark is a distinctively loud, obnoxious, rasping, grating voice
Washington has asked Saudi Arabia for 120 billion dollars, the United Arab Emirates for 70 billion dollars, Qatar for 60 billion dollars and was seeking 40 billion dollars from Kuwait.
Fund managers will rotate dedicated money out of Dubai and into Abu Dhabi, Qatar and Egypt in search of a safe investment haven, as the Gulf emirate delayed billions of dollars of debt obligations this week.
International fund managers say they are considering reshuffling portfolios or even exiting Dubai after the government announced on Wednesday it would ask creditors at its flagship firms Dubai World and developer Nakheel to delay repayment of its debt.
Dubai's debt woes could further unhinge an already fragile U.S. commercial real estate, as it illustrates the importance of that tiny country to global investors in an increasingly interconnected world.
In the United States, Dubai World's portfolio includes several well-known properties, and the fallout could have a larger impact on the entire real estate market.
Japan's non-financial firms had some 7.5 billion dollars in uncollected bills from the Dubai government and its affiliated firms as of the end of October, the Nikkei business daily reported on Saturday.
About one billion dollars of the accounts receivable have gone unpaid past their due dates, with some of them more than a year overdue, the newspaper said, quoting Japanese government officials.
Dubai World is to meet creditors, including executives from HSBC and Royal Bank of Scotland, to discuss its debt repayment plan.
It is the first face-to-face meeting since Dubai World asked for an extension on its $22bn debt repayments in November...
...The BBC's Jeremy Howell in Dubai said it was in the bankers' interests to come to an agreement over the debt repayments.
"The last thing they want is for Nakheel [Dubai World's property business] to be driven into liquidation when they would get birdseed... it is in their interest to prop up the company in the hope that they might get their money back eventually" he said.