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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.
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