Very funny.Your country’s company has failed to meet its creditors.It is in financial mess.All along you have never openly said that the government has nothing to do with Dubai World.Once the bubble bursts , you immediately put out a statement that the govt.has no ties with the company;You are too careful.You did not say you or your kin has or had. Now will you disclose the stock holding pattern of Dubai World or its parent company?Or is the shell company registered in St.Kitts or some other place?
Leaving that aside, what do you expect the foreign investors to do?To hold their stock?
Don’t be ridiculous.Of all people you know how and when to pull out.
Any way congratulations on a well executed scam.
Story:
Dubai’s bourse closed 5.6pc lower while Abu Dhabi shed 3.5pc on the second day of trading since Dubai World asked to delay the repayment of a $3.5bn (£2.1bn) loan for six months.
Traders said foreign investors were selling stocks after the government said that it would not guarantee the debt of the state-controlled companies. A further statement released late on Monday night in which Dubai World said it was restructuring $26bn of debt but made no mention of its intention to repay the loans due in two weeks’ time.
Humam al-Shamaa, an analyst at Al-Fajr Securities, said: “Foreign portfolios are still pushing to exit the markets… Those who tried to pull out and did not manage to do so are still trying today.”
The gloom prompted a furious outburst from Sheikh Mohammed bin Rashid al-Maktoum who criticised the reaction of international investors to the crisis, claiming: “They do not understand anything.” He added: “We are strong and persistent. It is the fruit-bearing tree that becomes the target of [stone] throwers.”
Sultan bin Saeed al Mansouri, the UAE’s minister of economy, issued a long-statement extolling the strengths of the emirates. He said the economy has been built on a diverse mix of tourism, trade and services. He added: “The UAE has already taken [sic] concerted efforts to meet the challenges arising from the financial crisis.”
However, the assurances failed to stop a flood of money being pulled from the stockmarkets. Dubai’s leading real estate sector fell by 9.2pc, near the one-day maximum allowed drop of 10pc, while the finance and investments sector shed 7.5pc of its value. In Abu Dhabi, the property sector fell 9.8pc, while banking fell 5.6pc.
Moelis & Company, the advisory boutique set up by Ken Moelis, has been appointed to advise on the restructuring of Dubai World. He will help Paul Reynolds of Rothchild who was re-appointed after the company announced its restructuring last week.
Outside the Gulf, markets rebounded on the views that the Dubai crisis was a local problem that could be contained. European stocks notched up their biggest one-day gain in four-and-a-half months. Banks were among the biggest risers, particularly those hit by fears over exposure to Dubai. Mike Lenhoff, at Brewin Dophin said: “It looks like (Dubai’s debt) was a storm in a teacup. But it’s a reminder that you have these time bombs ticking away. They’ll go off from time to time, though this one has not had a major impact.”
http://www.telegraph.co.uk/finance/markets/6703410/Dubai-ruler-lashes-out-at-international-investors.html
You must be logged in to post a comment.