迪拜债务蓝调【外文翻译】.doc

1、外文题目DUBAISDEBTBLUES出处INSTITUTIONALINVESTOR，2010（2）P7074作者TOWNSENDMARKABSTRACTTHEARTICLEFOCUSESONTHEFINANCIALCONDITIONOFDUBAI,UNITEDARABEMIRATESITISEXPECTEDTHATTHEFINANCIALSTATEOFDUBAIWILLBEWORSENANDDETERIORATEDINTHECOMINGWEEKSITIS,HOWEVER,SAIDTHATFARMINGFEARSOFALARGEECONOMICCRISESINTHEREGIONANDPROMP

2、TINGFRESHCONSIDERATIONABOUTWHETHERANDUNDERWHATCIRCUMSTANCES,ABUZABY,UNITEDARABEMIRATESWILLPROVIDEADDITIONALASSISTANCEANDSUPPORTTHEPROBLEMSOFDEBTHAVEALARGEIMPACTINTHEUNITEDARABEMIRATESKEYWORDSDUBAISDEBTCRISIS；ASSISTANCE；WITHDREWITSRATINGSTHEBRASHEMIRATEHASWARDEDOFFDEFAULT,BUTITNEEDSBROADERDEBTRESTRUC

3、TURINGANDREFORMTOREGAINITSECONOMICLEADERSHIPWHATDOES10BILLIONBUYFORTHEOILRICHEMIRATEOFABUDHABI,WHICHRECENTLYCAMETOTHERESCUEOFITSHEAVILYINDEBTEDNEIGHBORDUBAI,THEANSWERSEEMEDTOBESTABILITYASWELLASPOLITICALANDCOMMERCIALINFLUENCEBUTTHECOSTOFTHOSEPRECIOUSCOMMODITIESCOULDBESETTORISEDRAMATICALLYWITHINDAYSOF

4、ABUDHABISDECEMBERBAILOUT,DUBAIRENAMEDITSNEWLANDMARK160STORYTOWERTHEBURJKHALIFA,INHONOROFSHEIKHKHALIFABINZAYEDAINAHYAN,THEEMIROFABUDHABITHEASSISTANCEALSOCALMEDFINANCIALMARKETSINTHEGULFANDAROUNDTHEWORLDDUBAISFINANCIALCONDITIONAPPEARSTOHAVEDETERIORATEDINSUBSEQUENTWEEKS,HOWEVER,FARMINGFEARSOFAWIDERECONO

5、MICFALLOUTINTHEREGIONANDPROMPTINGFRESHSPECULATIONABOUTWHETHER,ANDUNDERWHATCONDITIONS,ABUDHABIWILLPROVIDEADDITIONALSUPPORTDUBAIWORLD,THEEMIRATESFLAGSHIPHOLDINGCOMPANY,ISSEEKINGTONEGOTIATEASTANDSTILLAGREEMENTWITHLENDERSON26BILLIONINDEBTAFTERNARROWLYAVERTINGADEFAULTINDECEMBERTHERESCUECAMEINTHEFORMOFA5B

6、ILLIONPURCHASEOFBONDSBYTHEABUDHABICENTRALBANKANDASEPARATE5BILLIONPURCHASEOFBONDSBYTHENATIONALBANKOFABUDHABIANDALHILALBANK,ANISLAMICLENDEROWNEDBYTHEGOVERNMENTOFTHEUNITEDARABEMIRATESDUBAISDEBTWOESEXTENDWELLBEYONDTHATONECOMPANY,THOUGHGOVERNMENTRELATEDENTITIESHAVEANESTIMATED66BILLIONINDEBTCOMINGDUETHISY

7、EARANDASMUCHAS24BILLIONIN2011,ACCORDINGTOESTIMATESBYBANKERSANDRATINGAGENCIESUNCERTAINTYABOUTDUBAISABILITYTOSERVICEITSDEBTWASHEIGHTENEDLASTMONTHWHENSTANDARDPOORSWITHDREWITSRATINGSONANOTHERGOVERNMENTRELATEDENTITY,PROPERTYDEVELOPERANDBUSINESSPARKOPERATORDUBAIHOLDINGCOMMERCIALOPERATIONSGROUP,AFTERHAVING

8、SLASHEDITTOBFROMBBSPSAIDITACTEDBECAUSEOFA“LACKOFMARKETTRANSPARENCYANDRELIABLEMARKETDATAANDTHELEVELOFAVAILABLEFINANCIALINFORMATION,“ASWELLAS“LOWERCERTAINTYABOUTONGOINGSUPPORTFROMTHEDUBAIGOVERNMENT,WHICHWEPREVIOUSLYFACTOREDINTOTHERATINGASAKEYCREDITSTRENGTH“THEDUBAIDEBTCRISISCOMESATATIMEWHENCOUNTRIESIN

9、THEGULFAREALREADYGRAPPLINGWITHTHECOMBINEDEFFECTSOFTHEGLOBALFINANCIALCRASHANDAWAVEOFCORPORATESCANDALSTHATHAVEEXPOSEDWOEFULSTANDARDSOFGOVERNANCEANDTRANSPARENCYTHECONSEQUENCEISTHATREGIONALGOVERNMENTSFACEAGROWINGCHORUSOFDEMANDSTOADOPTMAJORREFORMSORRISKHAVINGTHEIRACCESSTOINTERNATIONALCAPITALMARKETSCURTAI

10、LED“INTERNATIONALLENDERSAREUNDERTAKINGAREASSESSMENTOFRISKAPPETITETOWARDTHEREGION,“SAYSJULIANASHALL,CHIEFOPERATINGOFFICEROFLLOYDSBANKINGGROUPINDUBAI“EVENTSHAVECASTASPOTLIGHTONTHEADEQUACYOFBANKRUPTCYPROVISIONSTHEABSENCEOFBANKRUPTCYLAWSANDTHEUNTESTEDNATUREOFTHEREGIONSLEGALSYSTEMSCREATEANUNCERTAINTYTHAT

11、NEEDSTOFEATUREPROMINENTLYINRISKASSESSMENTANDPRICINGDECISIONS“MOHIEDDINEKRONFOL,MANAGINGDIRECTOROFALGEBRACAPITAL,ADUBAIBASEDASSETMANAGEMENTFIRM,SAYSLENDERSANDINVESTORSINTHEREGIONCANNOLONGERALLOCATECAPITALONTHEBASISOFIMPLICITGOVERNMENTGUARANTEES,ASWASCOMMONLYDONEINTHEPAST“THEDUBAIPRECEDENTCONFIRMSTHAT

12、SOVEREIGNCREDITNEEDSTOBEPRICEDDIFFERENTLYFROMCORPORATECREDIT,ANDWILLTREMENDOUSLYINCREASEPRESSURETOIMPROVETRANSPARENCYANDGOVERNANCE,“HECONTENDSTHEDEBTTROUBLESHAVEALSOCASTACLOUDOVERISLAMICFINANCETHEABUDHABIBAILOUTHELPEDDUBAIWORLDSPROPERTYARM,NAHKEEL,AVERTATHREATENEDDEFAULTINDECEMBERONA35BILLIONSUKUK,T

13、HELARGESTSUCHISLAMICBORROWINGTHATNARROWESCAPE,HOWEVER,HEIGHTENEDINVESTORSUNCERTAINTYABOUTHOLDERSCLAIMSONASUKUKSUNDERLYINGASSETSINTHEEVENTOFADEFAULTPAULMCNAMARA,EDITOROFANAUTHORITATIVEREPORTONSUKUKFINANCEPUBLISHEDBYMIDDLEEASTERNFINANCIALINFORMATIONPROVIDERZAWYA,SEESANEGATIVEIMPACTONCONVENTIONALANDISL

14、AMICDEBTMARKETSINTHEREGION“SOVEREIGNSANDCORPORATESINTHEGULFCOOPERATIONCOUNCILMAYFINDTHEREISDIMINISHEDAPPETITEFORTHEIRDEBTOUTSIDEOFTHEREGIONANDPOSSIBLYWITHINTHEREGIONITSELF,“HESAYSTHERULEROFDUBAI,SHEIKHMOHAMMEDBINRASHIDALMAKTOUM,HASACKNOWLEDGEDCALLSFORGREATERTRANSPARENCYBYPASSINGBYDECREEAREORGANIZATI

15、ONLAWTHATPAVESTHEWAYFORCOMPANIESTOAPPLYFORCREDITORPROTECTIONIFTHEYAREUNABLETORESTRUCTUREDEBTTHEDUBAIINTERNATIONALFINANCIALCENTERINSOLVENCYLAWISBASEDONUKINSOLVENCYLEGISLATIONANDCALLSFORTHECREATIONOFASPECIALTRIBUNALOFTHREETOFIVEINTERNATIONALLYRECOGNIZEDJUDGES,INCLUDINGTHELIKESOFSIRANTHONYEVANS,CHIEFJU

16、STICEOFDIFCCOURTSANDAFORMERHIGHCOURTJUDGEOFENGLANDANDWALES,TOSUPERVISEANYREORGANIZATIONTHEDEBTPROBLEMSANDRISKSOFADRYINGUPOFFOREIGNLIQUIDITYAREHAVINGAWIDESPREADIMPACTINTHEUNITEDARABEMIRATESTHECOUNTRYSBANKSAREPAYINGANAVERAGESPREADOF360BASISPOINTSOVERLIBORONTHEIRSENIORDEBTCURRENTLY,UPFROMAMODEST25TO40B

17、ASISPOINTSPREVIOUSLY,POINTSOUTKRONFOL“FUNDINGCOSTSHAVEBEENRISING,ESPECIALLYAFTERTHENOVEMBER25DUBAIWORLDRESTRUCTURINGANNOUNCEMENT,“SAYSJOHNTOFARIDES,ANANALYSTATMOODYSMIDDLEEASTONLYNATIONALBANKOFABUDHABIANDABUDHABICOMMERCIALBANKMANAGEDTODRAWONTHEIREXISTINGMEDIUMTERMNOTEPROGRAMSBEFORENOVEMBER,HENOTES“F

18、ORTHERESTOFTHEBANKS,ANDESPECIALLYDUBAIBASEDBANKS,THEUNCERTAINTYTHATTHEDUBAIWORLDRESTRUCTURINGREQUESTCREATESPUTSMOREPRESSUREONFUNDINGCOSTS“BANKSINTHEGULFHAVEBEENHITHARDBYTHERISEINFUNDINGCOSTSFORSENIORDEBTSINCETHECOLLAPSEOFLEHMANBROTHERSHOLDINGSGIAMBATTISTAATZENI,VICEPRESIDENTOFCORPORATETRUSTATBANKOFN

19、EWYORKMELLON,THINKSBANKSMUSTINSISTONGREATERLEVELSOFTRANSPARENCYANDDISTINGUISHBETWEENGUARANTEESOFFERED“WEHAVELEARNEDFROMTHEGLOBALFINANCIALCRISISANEWLEVELOFDUEDILIGENCEBYALLPARTIESINATRANSACTIONISREQUIREDTHEREISNOREASONWHYTHISSHOULDNOTALSOAPPLYTOMIDDLEEASTERNGCCTRANSACTIONS,SPECIFICALLYFORWHATISRELATE

20、DTOIMPLICITANDEXPLICITGUARANTEESGOVERNMENTSANDSOVEREIGNENTITIESCANPROVIDEFINANCIALSUPPORTTOSTRATEGICCORPORATEHOWEVER,ITNEEDSTOBETAKENINTOACCOUNTTHEYDOTHISENTIRELYATTHEIROWNDISCRETION“DUBAIWORLDHASANARROWWINDOWINWHICHTOADDRESSITSDEBTPROBLEMSTHEDUBAISUPREMEFISCALCOMMITTEEANDTHEDUBAIFINANCIALSUPPORTFUN

21、D,GOVERNMENTSTEERINGCOMMITTEESCHARGEDWITHMANAGINGTHECRISIS,WILLMEETTHECOMPANYSDEBTOBLIGATIONSANDWORKINGCAPITALNEEDSUNTILAPRIL30PROVIDEDTHATDUBAIWORLDCANNEGOTIATEASTANDSTILLAGREEMENT,WHICHINTURNWOULDGIVEITTIMETOAGREEONARESTRUCTURINGOFITSDEBTSWITH97CREDITORBANKSACOORDINATINGCOMMITTEEISEXPECTEDTOBECHAI

22、REDBYROYALBANKOFSCOTLANDWHENFORMALLYMANDATEDADEALISEXPECTEDTOGENERATEABOUTS100MILLIONINFEESFORLAWFIRMS,BANKSANDPUBLICRELATIONSTEAMS“DUBAIHASALONGTERMVALUEPROPOSITION,WHICHMOSTLENDERSREALIZE,“SAYSONEBANKERCLOSELYINVOLVEDINTHEDEBTTALKS“THEREISNOSILVERBULLETTHATWILLFIXTHECURRENTPROBLEMS,ANDTHEREFOREHOW

23、DUBAICONDUCTSITSELFWILLINFLUENCETHATOUTCOMEITCOULDTAKE18TO36MONTHSTOANSWERTHATQUESTION“SEVERALDUBAIWORLDSUBSIDIARIES,INCLUDINGINTERNATIONALPORTOPERATORDPWORLD,INVESTMENTCOMPANYISTITHMARWORLDANDSHIPREPAIRCONCERNDRYDOCKSWORLD,AREEFFECTIVELYRINGFENCEDANDWILLNOTBEINCLUDEDINTHEDEBTRESTRUCTURINGBECAUSETHE

24、YAREON“STABLEFINANCIALFOOTING,“DUBAIWORLDSAIDINASTATEMENTOTHERENTITIESFACESOMEBIGDEBTPAYMENTSINTHESHORTTERMBORSEDUBAI,THEHOLDINGCOMPANYFORDUBAIFINANCIALMARKETANDOWNEROFA199PERCENTSTAKEINNASDAQOMXANDA22PERCENTSTAKEINTHELONDONSTOCKEXCHANGE,EXERCISEDAONEYEAREXTENSIONOPTIONONA25BILLIONLOANTHATHADBEENDUE

25、TOBEREPAIDTHISMONTHDEVELOPMENTCOMPANYLIMITLESSISDUETOREPAYA12BILLIONLOANINMARCH,ANDNAKHEELISSCHEDULEDTOREPAVA36BILLIONDIRHAM983MILLIONBONDINMAYTHESEISSUESUNDERSCOREONEOFDUBAISMAJORERRORSNAMELY,FINANCINGLONGTERMPROJECTSWITHSHORTTERMFINANCING,SAYSFAROUKSOUSSA,HEADOFMIDDLEEASTGOVERNMENTRATINGSATSTANDAR

26、DPOORSDUBAIFACESSOMEEQUALLYBIGBILLSINTHEMEDIUMTERMSOUSSANOTESSPESTIMATESTHATDUBAIGOVERNMENTRELATEDENTITIESHAVETOREPAY66BILLIONINMATURINGLOANSANDBONDSTHISYEAR“AROUNDHALFOFTHATISDUEFROMDUBAIWORLDANDNAKHEEL,ANDTHUSSUBJECTTORESTRUCTURING,“BESAYSANADDITIONAL17BILLIONCOMESDUEIN2011,SOUSSAESTIMATESTHATTOTA

27、LINCLUDESABOUTS3BILLIONFROMDUBAIWORLDANDAFFILIATEDCOMPANIES,HESAYSTHESINGLELARGESTOBLIGATIONISTHATOFINVESTMENTCORPOFDUBAI,AGOVERNMENTVEHICLETHATHASHOLDINGSINMOSTOFTHEEMIRATESBANKSANDINDUSTRIALCOMPANIESICDHASS6BILLIONINSYNDICATEDFACILITIESDUETOBEREPAIDINSEPTEMBER2011“WEWOULDSTRESSTHISISPUBLICDEBT,AND

28、THEREISLIKELYTOHEASIGNIFICANTAMOUNTOFPRIVATEDEBTTHATWEDONOTHAVEVISIBILITYON,“POINTSOUTSOUSSAMARIOSMARARHEFTIS,REGIONALHEADOFRESEARCHATSTANDARDCHARTEREDINDUBAI,THINKSPUBLICSECTORDEBTMATURITIESIN2011MAYBEEVENLARGER“IESTIMATETHATTHEREWILLBEDEBTMATURITIESOFABOUT24BILLIONIN201L,ANDTHISDOESNOTINCLUDEBILAT

29、ERALLOANS“WITHSOMUCHDEBTCOMINGDUEINSUCHASHORTPERIODOFTIME,DUBAICOULDFACEPRESSURETOUNLOADASSETSALTHOUGHTHEGOVERNMENTCOULDREADILYSELLSTAKESINSOMEOFITSSTRONGERHOLDINGS,SUCHASDPWORLD,OFFICIALSAREBELIEVEDTOWANTTOAVOIDAFIRESALEOFIMPORTANTASSETSBANKERSREGARDDUBAIWORLDSREQUESTFORASTANDSTILLASANEGOTIATINGPLO

30、YTOPROVIDETIMEFORTHEVALUEOFITSASSETSTORECOVERFROMLOWVALUATIONLEVELSPRECIPITATEDBYTHEFINANCIALCRISISSOUSSABELIEVESTHATTHEGOVERNMENTISLIKELYTOLIQUIDATEASSETSTOMAKEREPAYMENTSORENHANCERECOVERYONRESTRUCTUREDDEBTBUTWILLNOTSELLASSETSOFASTRATEGICNATURETHEPRESSURETORASSETSALESWILLLIKELYINTENSIFYIFICDSTRUGGLE

31、SROREFINANCEITSSYNDICATEDFACILITIESICDISGOVERNMENTOWNEDANDESSENTIALLYOPERARESASTHESOVEREIGNWEALTHFUNDOFDUBAIITMANAGES28COMPANIESANDHOLDSSOMEOFDUBAISMOSTPRIZEDASSETS,INCLUDINGEMIRATESAIRLINE,DUBAIALUMINIUMCO,FMIRATESNBDBANK,PROPERTYDEVELOPERFMAARANDDUBAIDUTYFREEBURJUSTASWITHDUBAIWORLD,ICDENJOYSNOEXPL

32、ICITGOVERNMENTGUARANTEEANDEACHCOMPANYINTHEPORTFOLIOOPERATESONASTANDALONEBASISTHECHAIRMANOFEMIRATESAIRLINE,SHEIKHAHMEDBINSAEEDALMAKTOUM,SAIDRECENTLYTHATTHECARRIERCOULDMAKEANINITIALPUBLICOFFERINGOFSTOCKINTHENEXTFEWYEARSIFMARKETSENTIMENTIMPROVES,BUTSOMEOBSERVERSDISCOUNTTHISPOSSIBILITY“PROSPECTSFORDUBAI

33、GOVERNMENTRELATEDENTITYIPOSWILLREMAINDIMINTHEABSENCEOFINVESTORCONFIDENCEINDUBAISGENERALRESTRUCTURINGPLANS,“ASSERTSALGEBRASKRONFOLDUBAISDEBTWOESHAVEDRAWNATTENTIONTOTHEOPAQUESTYLEOFBUSINESSANDPOORSTANDARDSOFCORPORATEGOVERNANCETHATPREVAILINTHEWIDERGULFUNTILDUBAISANNOUNCEMENTINTERNATIONALINVESRORSHADBEE

34、NPREOCCUPIEDWITHTHEPUBLICSPATBETWEENSAUDIARABIASSAADGROUPANDAHMADHAMADALGOSAIBIBROS,COMPANIESTHATOWEATOTALOF22BILLIONTOUPWARDOF80LOCALANDINTERNATIONALBANKSSPECULATIONHASFLAREDINBANKINGCIRCLESRECENTLYTHATSAADHASCUTADEBTDEALTHATFAVORSLOCALBANKSOVERFOREIGNLENDERSIFSO,INTERNATIONALINSTITUTIONSWOULDBELIK

35、ELYTOPULLBACKFROMTHEREGIONINASIGNIFICANTMANNER“THEMEREFACTTHEREARECONFLICTINGSIGNALSISLIKELYTOUNNERVEFOREIGNBANKS,“SAYSPAULGAMBLE,HEADOFRESEARCHATJADWAINVESTMENTINRIYADH“ITSNOTHELPFULTOTHEKINGDOMSREPUTATIONASITNEEDSACCESSTOLONGTERMFINANCING“DUBAISPREDICAMENTISALSOAWIDERCONCERNFORTHEGULF,HEADDS“QATAR

36、ANDBAHRAINMAYSTANDTOGAINFROMTHECRISIS,BUTTHEREISALSOABROADERRISKTOTHEREGIONSREPUTATIONANDIMAGE“BANKSINTHEUAEHAVEADECLAREDEXPOSUREOF29BILLIONTOTHETROUBLEDSAUDIGROUPS,ANDDUBAISDEBTPROBLEMSMERELYACCENTUATETHESTRAINONTHESEINSTITUTIONSSTANDARDPOORSRECENTLYDOWNGRADEDTHELONGTERMCREDITRATINGSOFNATIONALBANKO

37、FDUBAI,MASHREQBANKANDEMIRATESBANKINTERNATIONALTOBBBFROMA,CITINGCONCERNSABOUTTHEIREXPOSURETODUBAIBASEDCORPORATEGOVERNMENTRELATEDENTITIES,INCLUDINGDUBAIWORLDANDITSPROPERTYARM,NAKHEELITALSOLOWEREDTHELONGTERMRATINGOFDUBAIISLAMICBANKTOBBBFROMBBBANDHADEARLIERPLACEDABUDHABICOMMERCIALBANKONCREDITWATCHASARES

38、ULTOFTHEBANKSEXPOSURETODUBAIWORLDADCBISOWEDATOTALOF604MILLIONBYSAADGROUPANDALGOSAIBIMASHREQBANKHASANEXPOSUREOF400MILLIONTOALGOSAIBISPALSORECENTLYDOWNGRADEDDPWORLD,DIFCINVESTMENTS,JEBELALIFREEZONE,DUBAIMULTICOMMODITIESCENTREAUTHORITYANDEMAARPROPERTIESPJSCOTHERGOVERNMENTRELATEDCOMPANIESMAYALSOHAVETOSE

39、EKDEBTRESTRUCTURINGSACCORDINGTOMORGANSTANLEY,DUBAIHOLDING,DUBAIHOLDINGCOMMERCIALOPERATIONSGROUP,BORSEDUBAIANDDUBAISUKUKCENTREMAYJOINDUBAIWORLDINSUCHRESTRUCTURINGS,WHICHCOULDINCREASETHEOVERALLLEVELBEINGRESTRUCTUREDTOMORETHAN46BILLIONDUBAIHOLDINGSDEBTISTHOUGHTTOBEABOUT12BILLION,WITH18BILLIONDUEINTHEFI

40、RSTHALFOF2010,ACCORDINGTOBANKOFAMERICAMERRILLLYNCHDUBAIHOLDINGHASDENIEDTHATITISFACINGANYPROBLEMSDUBAIHOLDINGCOMMERCIALGROUPCRITICIZEDSPFORDROPPINGITSRATINGOFTHECOMPANY,CONTENDINGTHATTHEAGENCYHADMADEFACTUALERRORSINITSSTATEMENTSANDDIDNOTUNDERSTANDTHECOMPANYSBUSINESSANALVSTSSAYDUBAISHANDLINGOFTHECRISIS

41、HASBEENATEXTBOOKEXAMPLEOFPOORPUBLICRELATIONSANDALACKOFUNDERSTANDINGOFPROJECTFINANCINGDUBAISTOTALDEBTISESTIMATEDTOBEBETWEEN80BILLIONAND150BILLIONTHEBULKOFTHATISESSENTIALLYSHORTTERM,WHICHPUTSAHIGHPRIORITYONREACHINGADURABLEDEBTRESTRUCTURINGAGREEMENTBEYONDTHEBAILOUTTHEREAREPOLITICALIMPLICATIONSBOTHIMMED

42、IATEANDLONGERTERMTHATCOULDSTOKETENSIONSDESPITETHEEXCEPTIONALLEVELOFABUDHABISRESCUEPACKAGE,THEREISLITTLEEVIDENCETOSUGGESTTHEEMIRATEHASSEQUESTEREDORTAKENCONTROLOFMAJORASSETSINDUBAIACCORDINGTOAPERSONWITHKNOWLEDGEOFTHESITUATION,DOINGSOWOULDBE“POLITICALLYUNTENABLE“ATTHECURRENTTIMEMOREWORRYING,HOWEVER,IST

43、HECONVERGENCEOFSEVERALEVENTSTHATCOULDPLACEACONSIDERABLESTRAINONABUDHABISOWNRESOURCESINADDITIONTOTHEFURTHERPROBABILITYOFSHORTTERMSUPPORTFORDUBAI,THEUAECENTRALBANKMAYHAVETOINTERVENETOSUPPORTTHESTRUGGLINGBANKINGSECTOR,WHERELOANSEXCEEDDEPOSITSBY244BILLIONDIRHAMS,ACCORDINGTOTHEMOSTCURRENTCENTRALBANKDATAT

44、HATISNOTALLPROVISIONSFORBADLOANSINTHEUAESURGEDIN68PERCENT,TO32BILLIONDIRHAMS,INNOVEMBER,COMPAREDWITHAYEAREARLIERWITHTHECENTRALBANKSSTATEDCOMMITMENTTOTHEBANKINGSYSTEM,ABUDHABICOULDBECALLEDONTOSUPPORTCENTRALBANKINTERVENTIONTHEOILRICHEMIRATEISALSOENGAGEDINITSOWNAMBITIOUSSPENDINGPLANSININFRASTRUCTUREAND

45、REALESTATE,THELATTEROFWHICHTROUBLESSOMEOBSERVERSGIVENTHERECENTEXPERIENCEINDUBAIHOWDUBAIWILLEMERGEFROMITSCURRENTPREDICAMENTISYETTOBEDETERMINEDSIMULTANEOUSLYACCUSEDOFHUBRIS,ARROGANCEANDEXTRAVAGANCE,THEEMIRATEISLIKELYTOUNDERGOSOMESOULSEARCHINGASITCONTEMPLATESARESETOFTHECURRENTVISIONOFESTABLISHINGITSELF

46、ASTHELEADINGINTERNATIONALFINANCIALCENTERBETWEENHONGKONGANDLONDONDESCRIPTIONSOFDUBAIASA“CITYSTATE“ARELIKELYTOBEREPLACEDBYREFERENCESTOITSPLACEINTHEUAEFEDERATIONYETTHEREISALSOAMUTUALDEPENDENCEBETWEENTHESEERSTWHILERIVALSDUBAINEEDSABUDHABISFINANCIALBACKINGANDABUDHABINEEDSDUBAISFASTGROWINGPOOLOFINTERNATIO

47、NALTALENTANDCAPITALABUDHABIHASALSOINVESTEDHEAVILYINDUBAIREALESTATEANDTHEREFOREHASNOINTERESTSEEINGITSNEIGHBORSINK“WHATWENEEDTOSEEISRHEUAEWORKINGTOGETHERTORESOLVETHECURRENTCRISISTHATSGOODFORDUBAIANDGOODFORTHECOUNTRY,“AVERSONEBANKERWITHEXPOSURETODUBAIDEBT“CLOSECOOPERATIONBETWEENDUBAIANDABUDHABIISGOODFO

48、RBOTH,“SAYSSTANDARDCHARTEREDSMARATHEFTIS“THISISWHATTHENARROWINGOFSPREADSINTHECREDITDEFAULTSWAPSMARKETHASSHOWNUS“THEQUALITYOFDUBAISINFRASTRUCTUREANDTHESOPHISTICATIONOFITSFINANCIALCENTERCONTINUETOMAKEITTHEDESTINATIONOFCHOICEFORCOMPANIESLOOKINGTOHAVEAPRESENCEINTHEREGIONBUTTHEEMIRATECANTTAKETHATPOSITION

49、TORGRANTEDDUBAIFACESGROWINGCOMPETITIONFROMOTHERGULFSTATESSUCHASQATARANDBAHRAIN,WHICHAREKEENTOATTRACTFOREIGNDIRECTINVESTMENTANDTODEVELOPTHEIRFINANCIALSECTORSDUBAIENJOYEDARESPITEFROMITSDEBTGLOOMINDECEMBERWITHTHEOPENINGOFTHEBURJKHALIFA,THEDRAMATICSPIRETHATSTANDSOUTASTHEWORLDSTALLESTBUILDINGBYFARNOWCOMESTHEHARDWORKRESTRUCTURINGTHEEMIRATESDEBTSANDREFORMINGTHEGOVERNANCEOFITSSTATERELATEDCOMPANIESTHEOUTCOMEWILLDETERMINEWHETHERTHEBURJGOESDOWNINHISTORYASTHESYMBOLOFAGRANDVISION,ORAGRANDFOLLY外文题目迪拜债务蓝调出处INSTITUTIONALINVESTOR，2010（2）P7074作者TOWNSENDMARK摘要本文主要论