Is Dubai World doomed?

29 11 2009

AMEDEO DEBACLE is nothing compared to panicky news that Dubai World may see troubling days ahead… but I doubt that this modern day Golden Oasis of the United Arab Emirates will crumble anytime soon — not by a long shot!

There is just too much at stake for the Islamic Financial World, particularly the Islamic Banking System, to let the multi-billion dollar dream of Dubai City to fall into pieces, just like that. The state-run Dubai World stunned the global financial world last Thursday when it announced it would need to restructure its debt, estimated at $59 billion, to pre-empt default and asked creditors for a six-month deferment.

The conglomerate has a host of companies under its fold with interests in a wide range of businesses such as realty, infrastructure, logistics and economic zones. It operates not just in the region but across a clutch of countries including Britain, the US, Europe, India, etc.

The total debt of Dubai as an emirate is estimated at $80 billion. And it’s banking on oil-rich Emiratey neighbour, Abu Dhabi, to come to its rescue…

A huge lotta money, of course. But wealthy friendly Islamic countries should pull their financial resources together to ensure that the Palm Islands dreams still remain afloat in the Arabian Gulf… All Sheikh Mohammed bin Rashid Al-Maktoum has to do is pick up his phone and call on Prince Waleed for expert advice or better still seek a much more experienced guidance from His Majesty? πŸ˜‰

No worries! Doom or gloom, it’s still a Wonderful World! πŸ™‚





2 responses

20 02 2010

Its WonderFul Post, Excellent work, keep it up

21 02 2010

Why, thank you, inshasoft! Shukran… It was a purely instinctive posting on a subject I knew almost nothing, actually.

But my main concern was really how western financiers simply love to see Islamic countries succumb to their own ‘transgressionary’ designs. The Islamic financial institutions must work together to ensure that the Muslim system of finance survive to see the Light of Faith (Nur Iman) at the end of this dark gloomy tunnel… πŸ™‚

The Organization of Islamic Countries (OIC) or the Islamic Bank movement (if it does exist) should come up with a more cohesive and strengthened Islamic Finance System on a global scale to fend off any threats to bankrupt the system, hence, weakening Muslim Unity!

I won’t be surprised if western or ‘Kafir’ espionage networks e.g. MI6, CIA, Mossad, etc were responsible for any systemic failures in Dubai World. I mean if Mossad agents allegedly could infiltrate Dubai to assassinate a Palestinian Hamas leader, they could do almost anything including ‘sabotaging’ the rapidly progressing economic development in the UAE. πŸ˜‰

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