International banks are assessing the implications of Dubai’s debt standstill, which affects a $5.5 billion syndicated loan for Dubai since it has so many incomplete project for Dubai investment property
Exactly a year ago my friend was in Dubai and he just thought that the place look amazing but was unreal. He noticed many stores weren’t that busy and most of the luxurious big amazing condos that observed were empty inside. It seem like nobody is stay in there and everyone is waiting for the price rise and get sell for big profit later.
Then he saw there were more foreigners than local people in Dubai. He talked many people from different countries and he noticed that people are fleeing to Dubai to avoid bankruptcy jail and the government put a ban on reporting any negative news about the economy. Now their bankrupt and lots of U.K. money was used and invested there. They start putting put options on U.K. banks.
You can bet some bankruptcies are gonna go on the other side of the ocean. The American dollar is gonna rise in value too because of this believe cause investors know that this affect the European countries more.
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