GCC Economics
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‘We are back’, Sheikh Mohammed tells Bloomberg
Posted on 27 September 2010 with 3 comments from readers
Bloomberg interviewed Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister of the UAE, yesterday in advance of his winning the silver medal in the 160km endurance event at the World Equestrian Games in Kentucky.
Dubai is a set to launch a $1 billion bond issue as early as today, its first foray into global debt markets since the global financial crisis that brought the Dubai real estate boom to an end.
Sheikh Mohammed said nothing has changed in his vision although there could be further delays in some projects. The bond issue is a test for market confidence. Dubai equities are up 16 per cent this month.
3 Comments posted by readers:
Dubai has to get back…and I want to see it back.
Elizabeth Percy El Shaddai
PR ( Aviation/travel/tourism/hospitality)
haha,
‘dubai is back’ to borrowing money with no intention of paying it back?
I expect this ‘bond issue’ will be heavily subscribed (100% by Abu Dhabi) since no bank anywhere in the world will ever lend Dubai another pence again. The global debt markets have removed the ‘lend to dubai’ button from their systems, permanently.
other possibilities
‘Dubai is back’ to a dusty pit in the desert?
‘Dubai is back’ to lots of dreamy talk?
If I had seen them pay off all their debts instead of delaying pay dates and delaying meetings I would see some sort of encouragement but without all the debts being paid off and seeing all the vacant homes being bought up I don’t see any recovery in sight.