Thursday 27 May 2010

Can Europe learn from Dubai? | beyondbrics | FT.com


Dubai World’s chairman has declared victory. At the opening of a Mars confectionary factory yesterday, Sultan bin Sulayem said Europe could learn from the emirate’s experience in restructuring its debts, estimated by the IMF to total $109bn.

“From experience, I know we should be confident that the worst is over,” he said. “Not a single bank is in danger, not a single company is going to be losing.”

But companies owed billions of dollars by Nakheel, the troubled development arm of Dubai World, may raise their eyebrows at the optimistic outlook.

No comments:

Post a Comment