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Dubai gets $10B bailout from Abu Dhabi

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A recent report from the AP: "Oil-rich Abu Dhabi pumped $10 billion into its indebted neighbor Monday, sending stocks soaring and sparing Dubai and the rest of the Emirates federation the humiliation of an imminent default by one of the struggling Arab boomtown's star companies.

The bailout was about more than petrodollar transfers from one United Arab Emirates sheikdom to the other. Dubai officials also seized on the news to try to repair damage done by weeks of uncertainty stemming from their unwillingness to fully stand behind Dubai World as the conglomerate looked to restructure some of its $60 billion in debts."

This should help to calm the immediate fears of a major commercial real estate default in Dubai, but also may foreshadows what will need to happen in the US as the Commercail Real Estate Crash intensifies during 2010.

 

Commercial Real Estate , Office Space

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