Burj Dubai, the world’s tallest man-made structure under construction, rises amid skyscrapers at Dubai’s Business Bay. The government of Dubai rocked financial markets this week when it said it would ask creditors of its Dubai World conglomerate, which has reported debts of $59 billion, for a debt moratorium of at least six months.
AFP/Getty Images
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The iconic Emirates Towers dominate the skyline beside the wide boulevard of Sheikh Zayed Road in Dubai, United Arab Emirates. Uncertainty over Dubai continued to unsettle traders around the world with the FTSE 100 opening 1.5 percent down after yesterday saw the biggest slump since March over the news the state-owned Dubai World would delay debt payments.
Getty Images
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Jumeira Palm Island in Dubai. Critics say Palm Jumeirah, a manmade group of islands, is emblematic of Dubai’s financial overreach. It wants a reprieve on its $60 billion debt.
AP Photo
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Cars that have been abandoned at Dubai Marina luxury development, covered in sand and good-bye messages, hundreds of abandoned cars are the latest sign that the Dubai dream could be over. Dubai World, the state-owned real-estate and ports giant that has driven much of the economic growth in the city-state in recent years, has asked for a moratorium on its debt.The company asked creditors if it could delay payment on its $59 billion in debt until at least May 30. Nakheel, the firm’s real-estate subsidiary, had been due to pay $3.5 billion in liabilities next month
Barcroft Media
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With the background of Jumairah Island towers, people practice golf in Dubai. Investors recoiled from risky assets on Friday and dumped shares in Asian banks and builders, fearing a Dubai debt default could reignite the financial turmoil of the credit crisis.
AP
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Skyscrapers in Dubai. Dubai World, the state-owned real-estate and ports giant that has driven much of the economic growth in the city-state in recent years, has asked for a moratorium on its debt.
EPA
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The Dubai Tower, the supertall skyscraper under construction in Dubai. Dubai World, the state-owned real-estate and ports giant that has driven much of the economic growth in the city-state in recent years, has asked for a moratorium on its debt.
EPA
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Buildings are seen under construction in Dubai. Dubai World, the state-owned real-estate and ports giant that has driven much of the economic growth in the city-state in recent years, has asked for a moratorium on its debt.The company asked creditors if it could delay payment on its 59 billion US dollars in debt until at least May 30. Nakheel, the firm’s real-estate subsidiary, had been due to pay $3.5 billion in liabilities next month.
EPA
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Construction site in Dubai, United Arab Emirates. Dubai World, the state-owned real-estate and ports giant that has driven much of the economic growth in the city-state in recent years, has asked for a moratorium on its debt.The company asked creditors if it could delay payment on its 59 billion US dollars in debt until at least May 30. Nakheel, the firm’s real-estate subsidiary, had been due to pay $3.5 billion in liabilities next month.
EPA
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A general view of Sheikh Zayed Road is seen looking south in Dubai, United Arab Emirates. The skyscrapers along Sheikh Zayed Road create one of the city’s most distinctive skylines.
EPA
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New buildings are seen in Dubai, United Arab Emirates. Dubai World, the state-owned real-estate and ports giant that has driven much of the economic growth in the city-state in recent years, has asked for a moratorium on its debt.The company asked creditors if it could delay payment on its 59 billion US dollars in debt until at least May 30. Nakheel, the firm’s real-estate subsidiary, had been due to pay $3.5 billionin liabilities next month.
EPA
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Dubai island project shaped like the continents of the world. The World will consist of between 250 to 300 smaller private artifical islands divided into four categories — private homes, estate homes, dream resorts, and community islands. Each island will range from 250,000 to 900,000 square feet in size, with 50 to 100 metres of water between each island. The development is to cover an area of 9 kilometers in length and 6 kilometers in width, surrounded by an oval shaped breakwater. The only means of transportation between the islands will be by marine transport
Nakheel Corp.
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A view of a villa built on a private artifitial island on The World offshore property development, some 5 miles off the coast of Dubai. The villa is the model to be shown to prospective buyers. The man made island project will consist of around 300 small private artificial islands which the only access will be by boat.
EPA
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Seven stars hotel Burj al Arab, the Jumairah Beach hotel and marina, the Medinat al Jumairah hotel and touristic complex and the man made Palm Island project, in Dubai, United Arab Emirates. Dubai pristine beaches attract some 5 million tourist of tourists every year, with official estimates of 15 million tourists by 2010.
EPA
