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Posts tagged Dubai
World’s tallest building @ Dubai
Jan 4th
Dubai inaugurated Burj Dubai, the world’s tallest building, with a spectacular display of sound, light, water and fireworks on Monday. Burj Dubai, a development of Emaar properties, stands at more than 800 meters (2,625 ft) high with 160 storeys, making it the tallest man-made structure ever built. “This is not just a building that’s a little bit bigger than other buildings. It’s much bigger,” Christian Koch, Director of International Studies at the Gulf Research Center in Dubai told The Media Line. “Everybody will know about it. This is certainly going to represent the status of Dubai and the Arab Gulf as a whole for many years.”
Dubai World in Debt Talks on $26 Billion
Dec 1st
Dubai World began talks with banks to restructure $26 billion of debt, including $3.5 billion owed by property unit Nakheel, and said the remainder of its liabilities are on “a stable financial footing.”
Debt from subsidiaries including Infinity World Holding, Istithmar World and Ports & Free Zone World will be excluded from the negotiations, Dubai World, one of the emirate’s three main state-related holding companies, said in a statement. The cost to protect Dubai debt against default fell to the lowest since Nov. 25. Dubai’s main equity index dropped 6.6 percent.
Dubai is seeking to delay payments on less than half its $59 billion of liabilities, easing the potential damage to banks recovering from $1.7 trillion of losses and writedowns from the global crisis. Shares worldwide recovered some of the losses suffered since Dubai announced it would seek a “standstill” agreement on all of Dubai World’s debt as the Dow Jones Euro Stoxx 600 gained 1.2 percent and the MSCI Emerging Markets Index showed the first back-to-back gains in two weeks.
“Now that they’re saying $26 billion, it reduces some of the panic that built up in the last few days,” said Nick Chamie, an analyst at RBC Capital Markets in Toronto. “This is positive. The market was feeding on its own concern and there were talks of $60 billion debt that would need to be restructured.”
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