Answer Posted / dhaval
The origin:
In the last week of November 2009, the Dubai government
announced it was planning to ask creditors to freeze
repayment of debt worth billions of dollars of two of its
flagship firms - Dubai World and real estate developer
Nakheel. Dubai World, which runs 49 ports around the world,
is the conglomerate that spearheaded the Emirate's
breakneck growth. It has USD 60 billion in liabilities and
will seek a six-month standstill on its debts with all
lenders. Nakheel was the builder of the famous three
palm-shaped islands off the coast of Dubai.
Impact on global markets:
The news, which came close on the heels of Chinese banks
seeking government aid, shocked global markets. The debt,
though not major, has shocked investor sentiment that had
taken the oil-exporting Gulf region to be a safe haven
during the financial crisis. According to a Reuters report,
international banks' exposure to Dubai World could be as
high as USD 12 billion.
Impact on India:
The real estate sector is likely to be the most impacted
with several companies having an exposure to projects in
Dubai's fast growing construction space. ICICI Bank and Bank
of Baroda have said that they do not have any exposure.
| Is This Answer Correct ? | 30 Yes | 8 No |
Post New Answer View All Answers
Why the banks are going to lend the money at varied interest rate?
CORE stands for?
Explain financial lease.
Explain the significance of organization cibil.
What according to you should the government do to eradicate poverty?
By Using Visualizations,what Goals Can Users Can Achieve?
Tell something about bank regulation act?
Discuss about Finance Commission and its functions?
What is CPI? How is it calculated?
What is the capm formula?
What are your views on the cashless economy?
Are There Additional Documents And Other Requirements In A Chapter 13 Case? What Is Required In The Chapter 13 Plan?
How the economic development comes?
What do you mean by cash credit?
What is the portfolio management? How can it helpful for financial management?
