Gulf Finance: Yabba Dabba Dubai………
“The government-owned investment company behind Dubai's rapid development drive has asked its creditors for a six-month delay on repaying its debts. Dubai World, which has total debts of $59bn (£35bn), is asking creditors if it can postpone its forthcoming payments until May next year. Dubai World has also appointed global accountancy group Deloitte to help with its financial restructuring. The company has been hit hard by the global credit crunch and recession. The malaise has also affected Dubai as a whole, where following six years of rapid growth, the economy has slumped since the second half of 2008. This has led to Dubai property prices falling sharply………” BBC
Yabba Dabba Dubaiiiiii……
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