Well who would have thought it, Dubai are actually feeling the property ‘bust’ and economical pinch after the leading company within the previously financially bullet proof country have asked to call in creditors to discuss a debt plan for Dubai World -they have asked to delay the debt on £16 billion pounds according to the Telegraph Dubai World are the group that own the palm tree shaped Island within the Gulf that only the uber wealthy could ever afford to visit and/or move to.

Now we know that things must be getting bad with the global economy when the irrepresible, decadent states such as Dubai becoming adversely affected by the global credit crunch. How much sympathy do you have for them though? I applaud their creativity and capacity to turn Dubai into an amazing country, but it highlights the fact that nobody is exempt from the credit issues worldwide. The question is, has Dubai world finally bitten off more than it can chew? – I would suggest they have particularly given the distance some larger corperations are putting between them and Dubai World.

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Leanne Loans News & Articles debt, dubai world, property bust, recession dubai