Can you spot the trend? Today, Kipp’s going to take a step back from being the usual perpetrator of logic and sense in the world that we know we are. So, your challenge, should you chose to accept it, is to tell Kipp what you make of three linked stories in the local press today.
First things first, The National reports of the staunchly strong and positive stand from a spokesman from Dubai Group who claims restructuring is still a possibility despite a report suggesting the Dubai’s Supreme Fiscal Committee had walked away from the deal. Dubai Group owes $10 billion, but has refused to comment on the negotiations except to say: “Dubai Group is still in discussions with lenders and is fully committed to reaching a consensual agreement that is reasonable for all stakeholders” from a rather selective Dubai Group spokesman.
Of the $10 billion owed by Dubai Group, $6 billion is owed to banks.
Speaking of banks, Emirates 24/7 reported that the UAE has told its banks that they are not allowed to give loans out to federal departments (oh yeah, did we mention Dubai Group is owned by Ruler of Dubai Sheikh Mohammed?) without prior consent from the cabinet.
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