Is Dubai's Debt Actually $170 Billion, Twice As Much As Previously Believed?

[Watchman]

Is Dubai's Debt Actually $170 Billion, Twice As Much As Previously Believed?
Gregory White | Jan. 19, 2010, 5:05 PM

Only hours after it emerged that Dubai did not receive half of its $10 billion bailout, new numbers suggest that the Emirate is actually in $170 billion of debt not $80 billion like it said.

A report issued by the Gulf investment bank EFG-Hermes states, "The total debt held by Dubai Inc could well be in the range of $130-170 billion," Dubai Inc being the state and its owned entities.

This could spell further trouble for the Emirate in credit markets as its sovereign debt has been under pressure since the Dubai World funding crisis began on November 26th.

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[Watchman]

WOW: Check Out The Starbucks In Dubai
Joe Weisenthal | Jan. 6, 2010, 1:41 PM

 

[longbow]

Dubai is a mirage. They basically borrowed $170B + another $100B of their own money, spent it over period of 10 years in a limited land area. If you do that anywhere you will be boom time charlie for that 10 years. After that kosong.

They have no oil, no manufacturing and are basically a laundering hubs. They smuggle contraband goods into Iran - that type of money.

Right now they are begging from their neighbors to help them pay their debt. Almost bordering on cheating.

BTW no democracy, no human rights (they jail you even for a small unpaid debt), poor env trend - huge pollution for the number of people they have.

 

[singveld]

I love to see dubai die in my lifetime.

 

[lee6100]

Ask Dr Yu Lai Boon - Singaporean and former CIO of Dubai World.

 

[zuoom]

so, how much money is that actually?