Part of the problem with the Dubai debt crisis is the actual debts left over from the oil and property boom that ended in September 2008. The other part is a horrendous PR failure.
Emirates Airline, owned by the Investment Corporation of Dubai holding company, chose to publish its debt position at the end of last week to clear up any potential misunderstandings about its financial position.
‘Gross debt is $9.9 billion and net debt is $8.2 billion. Our debt is paid over a long term,’ President Tim Clark told Gulf News.
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