rss feedDubai captures global attention – first for dazzling skyscrapers, now paying for them
Dubai, as you’ve seen, has caught the world’s attention in recent days, largely because of the possibility that developers might not be able to repay their debt on time.
Dubai World, which The New York Times describes as the main investment arm, stands an estimated $59 billion in the hole.
The newspaper reported that Dubai World floated the idea of not repaying interest on that debt for half a year.
It also ran a piece talking about how Dubai World wants to temporarily stop paying for all or part of its debt.
Yes, that can rattle markets.
If there’s any symbol of the rocket-like growth in Dubai, it has to be the Burj Dubai, the more than $4 billion structure which is the world’s tallest at 818 meters, or 2,684 feet.
