December 14, 2009 | permalink
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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Greg Lindsay is a generalist, urbanist, futurist, and speaker. He is a 2022-2023 urban tech fellow at Cornell Tech’s Jacobs Institute, where he leads The Metaverse Metropolis — a new initiative exploring the implications of augmented reality at urban scale. He is also a senior fellow of MIT’s Future Urban Collectives Lab, a senior advisor to Climate Alpha, and a non-resident senior fellow of the Atlantic Council’s Scowcroft Strategy Initiative.
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