When it was announced that Dubai’s top three government officials were to provide an “economic update” at the weekend, it was telling that rumours quickly began to swirl. Investors braced for another big announcement from the emirate.
Some judged that the only reason for these officials to speak would be a statement on the emirate’s debts, estimated at $110bn by the International Monetary Fund.
The event harked back to a year ago on November 25, when the government asked to freeze debt payments on up to $25bn owed by Dubai World, a troubled conglomerate brought low by real estate speculation and leveraged foreign purchases.Some judged that the only reason for these officials to speak would be a statement on the emirate’s debts, estimated at $110bn by the International Monetary Fund.
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