Greg Lindsay's Blog

December 14, 2009  |  permalink

It’s an Eid al-Adha Miracle!

Abu Dhabi has given Dubai a $10 billion bailout, allowing it to pay off the $4.1 Nakheel sukuk (i.e. bond) coming due today. Armageddon has been postponed until April 30th (when the rest of the cash runs out), but it remains to be seen what the true price of Abu Dhabi’s assistance will be. Is it simply tired of Dubai’s trouble dragging down its own banks’ credit ratitings, or is this the first step toward repossessing the place?

[Update: Or was it just a cynical ploy by Dubai to scoop up the publicly-traded bond for fifty cents on the dollar?]

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About Greg Lindsay

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Greg Lindsay is a journalist, urbanist, futurist, and speaker. He is a senior fellow of the New Cities Foundation — where he leads the Connected Mobility Initiative  — and the director of strategy for LACoMotion, a new mobility festival coming to the Arts District of Los Angeles in November 2017.

He is also a non-resident senior fellow of The Atlantic Council’s Strategic Foresight Initiative, a visiting scholar at New York University’s Rudin Center for Transportation Policy & Management, a contributing writer for Fast Company and co-author of Aerotropolis: The Way We’ll Live Next.

» More about Greg Lindsay

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