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Dec 9, 2009

UAE says can ward off impact of global financial crisis

DUBAI, Dec 9 (Reuters) – The United Arab Emirates is capable
of containing the impact of the financial crisis on its “solid”
economy and Gulf Arab rulers will discuss further protection
next week, the UAE’s leader was quoted as saying on Wednesday.

The global financial crisis ended the oil and real estate
fuelled boom in the world’s biggest oil producing region,
sending its top economies — Saudi Arabia and the UAE — into a
downturn this year.

Dec 8, 2009

Dubai: 6 mths too short to restructure Dubai World

DUBAI, Dec 8 (Reuters) – Six months is not enough time to
restructure indebted state-controlled conglomerate Dubai World,
the emirate’s finance chief said on Tuesday, adding that it had
enough assets to meet its obligations.

Dubai World met its main creditors on Monday to discuss its
request to delay repayment of $26 billion, which has shaken
global markets and confidence in the Gulf business hub.

Dec 7, 2009

Dubai gov’t ring-fences key assets, shares tumble

DUBAI (Reuters) – Dubai has ring-fenced prized assets such as Emirates airline from the $26 billion debt restructuring of Dubai World, denting fragile investor sentiment ahead of talks between the state conglomerate and key creditors.

The firm that spearheaded Dubai’s growth is set to meet with its main bank creditors later on Monday to discuss a request to delay repayments that has shaken global markets and damaged the reputation of the Gulf Arab business hub.

Dec 2, 2009

Dubai debt crisis overshadows UAE national day

DUBAI, Dec 2 (Reuters) – Dubai’s debt problems clouded
national day celebrations in the United Arab Emirates on
Wednesday — at least for a shaken financial community trying to
work out whether any of their loans enjoy government protection.

Flags, fairy lights and fanfare marked the UAE’s 38th
anniversary at a moment when Dubai’s request for a payment delay
on $26 billion of debt owed by government-owned Dubai World has
exposed the frailties of “quasi-sovereign” lending.

Dec 1, 2009

Dubai “strong and persistent”, ruler says

DUBAI, Dec 1 (Reuters) – The ruler of Dubai said on Tuesday
the emirate was “strong and persistent”, despite the global
reaction to its plans to restructure a conglomerate that he said
manifested a lack of understanding.

Dubai, one of seven members of the United Arab Emirates
federation, alarmed global markets last week when it asked for a
six-month repayment freeze on debt issued by Dubai World
[DBWLD.UL] and its unit Nakheel [NAKHD.UL], two of its flagship
developers. [ID:nSP5757]

Oct 7, 2009

Prepare to fight China, Qaeda figure tells Uighurs

DUBAI (Reuters) – A prominent al Qaeda militant urged Uighurs in Xianjiang to make serious preparations for a holy war against “oppressive” China and called on fellow Muslims to offer support.

Abu Yahya al-Libi, in a video posted on an Islamist website on Wednesday, warned China of a fate similar to that of former communist superpower, the Soviet Union, which disintegrated some two decades ago.