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