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Massive construction projects in Dubai by easy credit, the city was full of tall buildings under construction. Dubai sovereign credit risk increased sharply, resulting in significant oscillations in global financial markets.
Dubai, leaving the debt crisis “depth charges” or will trigger a new round of financial crisis
Dubai World, announced the suspension of the issue as if the depth charges to pay part of the debt, not only led to the rapid decline in global stock markets, allows people on the financial crisis, the trend to worry.
as also real estate developers also lost
WASHINGTON United Arab Emirates Dubai is one of seven emirates, the UAE capital and Emirate of Abu Dhabi where the difference is not huge in Dubai oil reserves, and the economy real estate, finance and tourism-based.
Dubai World in trouble, but display to large-scale borrowing massive construction projects blending economic development of the “Dubai model” declared broken.
many market participants pointed out that the rise and fall of Dubai real estate development led to its economic development patterns, can be described as also real estate, real estate also lost.
the past few years the lack of oil and gas resources have sprung up everywhere in the Gulf region in Dubai, is taking the high-end real estate and tourism development route. The world tallest skyscraper “Burj Dubai”, the world largest artificial island, “Palm Island” and other ambitious projects in the world would dazzle and attract the British soccer star David Beckham, including a large number of institutions and individuals, including the influx of funds. Dubai World slogan is “the sun never sets.”
outcrop just when the global financial crisis, Gulf region affected is relatively small, as a Gulf financial center of Dubai and emerging economies, is the world capital of the “safe harbor” and “suck treasury.” Dubai by the easy credit of projects and architectural style ingenuity, creating numerous luxury myth. But in the real estate prosperity in 2045, the Dubai authorities and their holding company accumulated debt has risen to 800 billion U.S. dollars.
foreign population “escape” Dubai
2009 年 5 months, the British survey of real estate agents, Dubai real estate prices decline over the three into, ranking second worldwide. The report shows that last year the end of March to the end of March this year, Dubai housing prices decline was 32%. Dubai real estate prices over the same period the previous year rose nearly 5 percent, reaching 48%.
In addition, the financial crisis, in order to avoid a large number of foreigners who can not pay the debt, unemployment and have chosen to leave Dubai.
a long time, 90% of Dubai population is foreign population, once the construction and consumption of Dubai, “the main force.” But now, the parking lot at the Dubai airport, there are over 3000 abandoned parked cars, which are foreign nationals who fled left behind Dubai. Some people will be maxed out credit cards to stay in the car, some people will be an apology note attached to the windshield.
millions of foreign workers to leave, leading to sharp reduction in consumption of Dubai, a large number of houses were idle, and even some expatriates living clusters are left vacant, into a silent ” ghost town. ”
However, the Dubai authorities denied beginning with cash-flow problems. Earlier this month, Dubai Sheikh Mohammed Bin Rashid Al Maktoum asked questions are “shut up.”
relaxed environment, create new risks
Another observer noted that the global low interest rates and abundant liquidity to withstand the crisis in the financial environment, provided the conditions inhibit the recession, but also buried risk under the new seeds. Crisis in some countries and regions is still good performance to attract a lot of money, lead to a new generation of asset price bubbles, financial leverage rebound.
Royal Bank of Canada Nick Camillo, head of emerging markets, said: “Dubai is a massive global liquidity bubble of the most prominent example. in emerging markets and the global emergence of new debt will default. “
(Xinhua, Yu-Xi)
capital
super-rich Dubai will become the savior?
WASHINGTON Supreme Finance Committee Chairman 席阿勒马克图姆 Dubai, said the Dubai government will next week provide further information on the reorganization of Dubai World.
market participants pointed out that the thunder had been overwhelmed by the UAE capital Abu Dhabi, Dubai, is expected to become the savior of Dubai. United Arab Emirates composed of seven emirates, Dubai is one of Dubai, United Arab Emirates but also economic and commercial center.
Moody believes that its own financial resources of Dubai alone may be insufficient to cope with potential crises. Moody report said: “The future for a long period of time, Dubai will be more dependent on the Federal and Abu Dhabi, United Arab Emirates.” Moody believes that next year, Dubai, United Arab Emirates will rely on the federal government unprecedented.
Abu Dhabi, capital adequacy
The report notes that over ninety percent of Abu Dhabi has oil reserves of the UAE, also has the world largest sovereign funds. 2006 Abu Dhabi financial revenue reached 53 billion U.S. dollars. International Monetary Fund in February 2008 a report predicts that Abu Dhabi financial assets $ 250 000 000 000 ~ 875 billion U.S. dollars between the Dubai government-related debt of 470 billion U.S. dollars, compared with the assets of Abu Dhabi ratio, which is not really a big number.
February of this year, Dubai is located in Abu Dhabi, the UAE central bank to issue 10 billion U.S. dollars of emergency bonds, which are interpreted as outside Abu Dhabi, Dubai down to help. “Abu Dhabi, Dubai, bankruptcy will not sit idly by.” Ha Yate Dubai market Ibrahim told reporters, but Dubai, Abu Dhabi may be taking advantage of the weakening influence.
According to another report, Dubai announced 25 hours before the late payment of debt, announced two from the Abu Dhabi-controlled bank financing 5.0 billion. BNP Paribas in the Middle East interpret the risk assessment division, said Dvorak, this time on the “coincidence”, or means that the debt situation in Dubai has been in a “disastrous situation”, either of these financing with strings attached. Even more confusing is that the outside world, Dubai announced that this new financing will not be used for the Dubai World reorganization.
solution to the crisis in need of unity
Moody warned that the solution to the crisis in Dubai, everything depends on the UAE national unity, if not to save the other emirates of Dubai, United Arab Emirates as a whole a lot of Dubai creditors for the balance of capital makes no sense.
In addition, the “Dubai World” to sell products such as debt, there are many choices. It holds the Dubai Ports, PSA is the world third-largest in the world, operating in 50 major ports. The company also invested in Las Vegas, MGM Group, also holds a New York department store Barneys stake of about $ 1,000,000,000. If you sell products debt, there will be western investors to save the rare situation of Arab businesses. (Yuxi)
(Reporter Chen Hailing, Li Cheng, Kong Hua, Liu Jianyun) Dubai sovereign credit risk increased sharply, resulting in significant oscillations in global financial markets, capital market withdrawal of high-risk assets strong will.
26 Morgan Stanley emerging market index fell 2.2%, the biggest decline since 4 weeks, in which Russia and China leading the decline.
Europe Dow Jones Stoxx Europe 600 index fell 3.3%, to April 20 this year, the largest decline since. 26, the stock market fell sharply in London, “Financial Times” 100 average stock price index closed at 5194.13 points, down 170.68 points the previous day, a drop of up to 3.18%. This is the benchmark index nearly 3-week low closing price, is nearly 8 months since the biggest single-day decline.
Reuters data show some of the major stock indexes in Europe have dropped to the lowest level since May of this year. As the holidays reasons, the U.S. market is not opened, but can not rule out the possibility of Budie.
financial stocks, shares of building materials and the Dubai World has a stake in the company shares hit hard. Credit Suisse Group, HSBC Holdings, Barclays Bank, Royal Bank of Scotland, Lloyds TSB Group, Deutsche Bank, ING, BNP Paribas, Credit Agricole and other leading banks in Europe is almost across the board to ink.
Dubai World and other Gulf companies involved in capital investment, and the Gulf region as an important market for luxury goods company share prices were to fall, including the European Aeronautic Defence and Space Company, Louis Vuitton, Porsche, BMW. London Stock Exchange Group, its largest shareholder is the Dubai Stock Exchange company, the stock fell 7.4%.
27 日 Asia-Pacific region generally follow the main stock market fell sharply in Europe, the collective experience “Black Friday.” Japanese stocks plunged 3.22% day; the Australian stock market closed down 2.9%, marking the biggest one-day drop in five months; the Korean stock market fell 4.7%, marking its lowest close in four months; MSCI Asia Pacific Index has hit the biggest decline in 8 weeks.
A shares fell 3100 points
A shares, as at yesterday close, the benchmark Shanghai Composite Index closed at 3096.27 points, down 74.71 points, or 2.36%, the fall of 3100 point integer bit, Shenzhen Stock Index more than 3% appears larger decrease. Meanwhile, the two cities turnover 295,900,000,000 yuan, shrinking the three previous trading day into; A-share market fell more than Bacheng stocks. Statistics show that Shanghai Composite index is down 6.41% this week, for the past three months, the biggest weekly decline since; The Shenzhen Component Index fell 5.98% this week, total. Early this week, A-share market has been worried about refinancing in the banking industry under the continuous crash.
Hang Seng Index Hong Kong stocks fell yesterday, more than 1,000 points, on turnover of more than six months since a new record high. As of Friday close, the Hang Seng Index closed at 21,134.5 points, down 5.88% for the week total, the highest since early March this year, the biggest weekly decline since.
in the foreign exchange market, South Africa, Turkey, Hungary and some countries in Latin America has been selling the currency. Meanwhile, hedge funds have turned to be regarded as tools of U.S. dollars, gold and other assets.
the world investors panic
Asia-Pacific chief economist at Morgan Stanley Wang interviewed yesterday said that as Dubai, which is in holiday, More detailed information is only until Monday to clear, such as the Dubai World is bankrupt or delayed debts, what are investors to involve them. Because of this uncertainty, it triggered panic in the world investors.
Citibank China, Peng Cheng, senior economist interviewed yesterday, said: “The market has taken investors ell first, ask questions coping strategies. This is sharp decline in market price of the reason. “
” Dubai events make the world, especially in hot money, investing in emerging countries reduce fever heat. “
– well-known economist Tang Min
“Dubai event as nt is difficult to shake the tree, after all, closely linked with Europe Iceland crisis did not lead the world trend of the overall development of the financial crisis.”
– Chinese Academy of Social Sciences, Institute of World Economics and Politics, Li Xiangyang, deputy director of
“Dubai can not lead to debt problems of sovereign debt crisis of the United Arab Emirates. The problem only lies in Dubai or Abuja than the Government willingness to rescue them. “
– CICC
” We probably know the situation is the relationship between European banks more closely with Dubai, the Financial poor in Asian countries like the Philippines will be affected. “
– Morgan Stanley Asia chief economist Wang
” Dubai event is not a New cause of the crisis, but only sign that the global market in 2008 that the financial crisis still exists. “
– New International Group, chief Asia economist KirbyDaley

experts view the lack of support for the real economy will inevitably bring

today ending the recent outbreak of the debt crisis in Dubai concerns about the financial crisis worsened public opinion, the Daily News reporter interviewed a number of experts, the depth of interpretation of the incident.
(Reporter Liujian Yun, Chen Hailing, Li Cheng, Kong and China) in the much-anticipated global financial crisis and low tide, the occasion of the economic rebound, the occurrence of small countries in the Middle East country sovereignty UAE investment company Dubai World announced regarding the suspension of debt payments as part of the depth charges, not only led to the rapid decline in global stock markets, leaving the trend of people have concerns about the financial crisis.
yesterday to Dubai event, this reporter interviewed the famous economist Tang Min, the Chinese Academy of Social Sciences, Institute of World Economics and Politics, Li Xiangyang, deputy director.
analysis said Tang Min, “Dubai is the world debt problems from the first specialized in the development of an artificial island Palm Island Group, the company chasing the ultimate dream-like pace of development so that the parent company debt, the repayment of its imminent period is early exposure to the credit crisis. “
Li Xiangyang said that the lack of Dubai, to effectively support the real economy, as excessive credit and the bubble appears, will inevitably bring about today outcome.
financial volatility caused by short-term
“emerging countries with the financial crisis worsening, the recovery is still before the financial market stability, investor confidence is still fragile, the short term, may have some temporary financial market turmoil. “Li Xiangyang said. Li Xiangyang
but also that, in general, Lehman Brothers, Dubai will bring a similar depth of the financial crisis.
Min Tang also believe that 650 billion dollars in debt and not much more than the debt involved in European banks, a considerable part of the bank itself from the Middle East. Especially after the financial crisis around the world, we are actually to maintain a very high vigilance, the Dubai event was more isolated.
economic recovery do not change
for the community on the Dubai event may trigger second financial crisis, concerns, Li Xiangyang that the Dubai event as “ant” is hard to shake the big Trees, after all, closely linked with the Iceland crisis in Europe, did not lead the world trend of the overall development of the financial crisis. Dubai event in terms of impact from the current will not change the trend of economic recovery.
Min Tang believes that the government took over the Dubai event, after a period of restructuring and effects of that storm will gradually calm.
Dubai World is based on deferred payment, no bankruptcy, Li Xiangyang that the Dubai event on the neighboring Middle Eastern countries will not be much impact.
Min Tang also believes that the Dubai event on the emerging markets, especially with solid economic support of China, India, or on the financial well-developed European and American powers, will not cause too much influence.
China should draw lessons from
Dubai, Tang Min, told reporters that the Dubai event for emerging developing countries including China, would be a good lesson.
“The current project is in many places in China gets going, the real estate market is unrestricted development of some, there has been a trend bubble.” Tang Min said the deterioration of the Dubai event is the bubble practical reference. In his view, first of all, China should reflect economic growth and investment in moderation, do not do too big too fast, and second, the Dubai event will also invest in emerging countries around the world feverish heat reduced.
Min Tang concluded that the case of China, reduced the speed of hot money inflows, but can bring more lasting and stable development of China.
gold companies that can not lead to debt problems in Dubai United Arab Emirates sovereign debt crisis. Government of Dubai and the total external debt of state-owned enterprises only 800 billion, of which Dubai World total debt of about 600 billion U.S. dollars, due next month, part of about 40 billion U.S. dollars. Only problem is the willingness of the Government of Dubai or Abu Dhabi to its rescue.
Morgan Stanley economist Wang Qing, chief Asia-Pacific, said: “Dubai World is not likely to default size of the debt, there is no reason why the issue of Dubai linked subprime crisis and talk, so Dubai event is unlikely to trigger new round of world economic turmoil. now we know the situation about European banks closer relationship with Dubai, the financial position of the poor countries in Asia like the Philippines will be affected. “
< br /> the world largest financial brokerage business of the company new chief Asia economist KirbyDaley International Group, said: “The global economy has entered a recovery, the idea is impractical. Dubai event is not a new cause of the crisis, but only sign that 2008 That the global financial crisis still exists. “