Dubai Struggling Under Billions In Debt

The city of Dubai, once known for its luxury housing, is facing a tremendous debt crisis, while people like Steve and Arti Helliganthe, of Britain, sell off their luxury properties in Dubai at rock bottom prices.

Dubai shocked markets worldwide with its surprise announcement on Wednesday, in which Dubai said it was seeking a six-month delay in paying creditors on nearly 60 billion dollars in debt held by its main developer, Dubai World, which owns businesses around the world from ports to the retailer Barneys New York..

It is the latest sign of Dubai's crash landing about a year ago as the global economic downturn ended a sizzling property boom, which saw prices skyrocket and investors lining up for new projects.

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Category:

News & Politics

Tags:

• Dubai
• Struggling
• Under
• Billions
• In
• Debt

[azel6]

if this guy was in Dubai in 1991 he should be very rich by now !!!!