Dubai’s silence over how it plans to dig its way out of its staggering debt holds dire consequences for the emirate revered as a shining example of how to transform a desert fishing village into a global financial metropolis.
Shrugging off global concern over the sheikdom’s $80-billion plus debt and a dwindling revenue stream to pay it as an exaggeration is a surefire way to ward off much needed confidence the city needs in this new crisis, regional analysts said on Monday.
“I think the damage could have been contained earlier, with more open communication, with more constant communication,” Farouk Soussa, head of Middle East government ratings at Standard & Poor’s in Dubai, told Maktoob Business.
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