If there is a single phrase that can sum up last year for Dubai, it may well be "reinvigorated spirit". Since the end of 2008 Dubai has gone through the bursting of its property bubble and the debt restructuring of many of its high-profile Government Related Entities (GREs). The trigger was the onset of the global financial crisis in the autumn of 2008, but the cause was the excesses of the prior boom years that led to a speculative property bubble and excessive borrowing by some of the Dubai GREs.
During the same period there was a noticeable improvement in Dubai's economic fundamentals and a strengthening of its position as a regional transportation, logistics, services, and tourism hub.Dubai has certainly come a long way since then, and last year has proven to be a pivotal year for all the right reasons. During the past 12 months, Dubai's GREs were able to meet all their 2012 bond maturities and complete the restructuring of the vast majority of their loans with international and local lenders; more than US$3.2 billion (Dh11.75bn) in bonds were fully repaid and more than $24.5bn in loans have been restructured with another $9bn still subject to negotiations.
http://www.thenational.ae/thenationalconversation/industry-insights/property/dubai-economy-back-on-track-since-the-property-bubble#ixzz2IfzCAKGx
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