The Impacts of Dubais Financial Crisis - 658 Words

Dubai Financial Crisis: Dubai is usually described as a city or country despite in its own right though its a constituent member of the United Arab Emirates that has six other emirates. The emirate experienced a huge financial crisis that had a huge impact on several economies across the globe as reported by analysts. The financial crisis was characterized by the governments inability to refinance massive debts that was taken by Dubai World, its largest owned company. The major impact of the crisis across the globe contributed to panic situations in financial markets since banks and financial companies experienced losses in global markets. The genesis of Dubais financial crisis is attributed to the debts that were taken by Dubai World that accounted for approximately 75 percent of the emirates debt and an estimated 50 percent of Dubais $25 billion remittances. The company requested for a six-month standstill for the servicing of its $59 billion debt that included a $3.5 billion bond, which was to mature in December 2009. In addition to the normal lack of transparency, the religious holiday in the region contributed to the extreme market conditions that resulted in risk-minimization and defensive actions (Chandler, 2009). One of the countries that suffered from this financial crisis was India because of its huge exposure in the region to the point that there are approximately 4.5 million Indians who live and work in Dubai. The other effects of Dubais financialShow MoreRelatedHighlights Of Dubai Expo 20201417 Words   |  6 Pageshectares. VI) The centerpiece of Expo 2020 Dubai is called Al Wasl Plaza, after Dubai’s historic name, meaning ‘connection’. The layout of the expo is in traditional Arabic Souq style. 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