Operation to rescue Dubai begins The liquidity measures confirmed by the United Arab Emirates' central bank on Sunday night are just the start of a slew of announcements that will attempt to rebuild international confidence in Dubai.
By Richard Spencer in Dubai Published: 9:12PM GMT 29 Nov 2009 More dramatic statements are in the pipeline this week to try to prove that the emirate has moved past what one source described as a culture of "denial, denial, denial". They could include changes to senior personnel. Chris O'Donnell, the Australian chief executive of the developer Nakheel, where the most problematic liabilities sit, is understood to be under pressure. Management is seen as an obvious focus for confidence-raising action as Aidan Birkett, the Deloitte troubleshooter called in to handle the restructuring process, takes charge. Other senior figures will also be watching their backs. A Nakheel spokesman last night would only say: "Chris O'Donnell is still chief executive," when asked about changes. The major issue facing Mr Birkett as he goes through the books is how to separate the liabilities of the well-functioning parts of Dubai World, such as DP World, the ports operator, from Nakheel and its unsuccessful investment arm Istithmar. More rescue funding may be on the way. The $5bn (£3bn) of Islamic bonds raised by the Dubai financial support fund from two Abu Dhabi banks last Wednesday came with a proviso that they will not be used to bail out Dubai World. Sources in Abu Dhabi insisted that the richer state will not snap up some of Dubai's assets, including Emirates airline. There were also furious denials that international help was on the cards. However, international bail-out models are likely to be used as blueprints to design a rescue package. Sources said President Obama's rescue of General Motors is being studied. This would mean a UAE federal body taking over Dubai World in return for central government funding while the restructuring process is under way. Government support, and majority ownership, would then be withdrawn as some viable business plan is drawn up from the wreckage ............................................. ............................................... --- In obrolan-bandar@yahoogroups.com, arie dj <djx_...@...> wrote: > > > Central bank UAE memberi pinjaman 0.5% di atas Emirates interbank yg berada > di 1.919% kepada bank2 UAE dan asing dan juga menjamin semua uang deposite di > bank. Aksi ini memicu bursa asia naik kembali. > > Gagal bayar dubai masih ada. Dubai meminta utang $80 milyar di tunda sampai > 30 Mei 2010. Peminjam masih belum menerima yg mana jatuh tempo tgl 14 Dec > 2009. > Beberapa aksi yg bisa di buat dubai > 1. Menjual beberapa assetnya menutup hutang dgn harga miring > 2. bantuan dari Abu Dhabi terhadap sebagian atau seluruh hutangnya > 3. Pinjaman baru > > Oh ya, salah satu anak perusahaan dubai Limitless ada investasi nya di > ELTY... harga miring kah juga akan terjadi...heheheh > > > U.A.E. Eases Credit After Dubai World Debt Delay (Update1) Share Business > ExchangeTwitterFacebook| Email | Print | A A A > By Arif Sharif > > Nov. 30 (Bloomberg) -- The United Arab Emirates' central bank eased credit > for lenders and said it "stands behind" the country's local and foreign banks > as they face losses from Dubai World's possible default. > > > > DWBH TRADER > (Dont Worry Be Happy) >
