POST YOUR QUESTIONS ABOUT DUBAI HERE.
Dubai, or to be exact the state-owned Dubai World, wants to delay repaying some of its debt. This comes after story after story has detailed how projects there have not been hitting targets. If you’re a golf fan you’ll be aware the final tournament of ‘The Road To Dubai’ was played on a course where some building weren’t completed. And of course there are examples on a far greater scale.
Now, you only have to look at the markets for evidence of how worried the money men are about this. So what to do?
Should Dubai’s banks and neighbours help it with debt freezes and loans? Or should this exercise in rapid debt-supported expansion be punished for its extravagance? Is it time a message was sent that this level of risk taking is not acceptable even within the free market?