Dubai & Abu Dhabi markets plunge on debt woes.
Stock markets in the Gulf emirate of Dubai and its neighboring capital of Abu Dhabi fell sharply on Monday and then ground to a halt amid a lack of buyers after Dubai World’s shock proposal to suspend debt payments.
….Dubai World property unit Nakheel, builder of the iconic Palm Jumeirah man-made island, asked to suspend trading of its sukuks, or Islamic bonds, listed on the Dubai-based Nasdaq Dubai exchange.
One of the key loans affected by Dubai World’s planned debt moratorium is a Nakheel issue of $3.5 billion of Islamic bonds or sukuks, scheduled to mature on Dec. 14.
Hal (GT) 10:31 am on November 30, 2009 Permalink |
Looks a lot like a real estate venture gone bust. From that aspect things should be able to get reorganized. I don’t know that it will cause any major down turns to the global markets, though it’s certainly frightening everyone. It does continue in my mind to be evidence of a global market still requiring medical attention. And a market were people are going to be looking to better assets to protect what’s left of their wealth.
NINA 2:31 am on December 1, 2009 Permalink |
every country got effected with this, i dont think they can easily get out from this problem maybe in coming days we can see some more effects on markets
thabet 2:36 am on December 1, 2009 Permalink |
The geopolitics of Dubai’s debt.