Financial Accuracy

Dubai is in the middle of many situations in which it hopes to start a new thriving economy and repay their debt. With its major companies Duabi World and Istithmar, Dubai and the Emirate area plan to get out of this financial crisis.

Just recently Dubai opened the world’s largest tower, after going into much debt to do such.

Now that Dubai is suffering some of the consequences of their financial choices, they are now rumored to be selling the Queen Elizabeth II, as well as many other such assets in hopes of repaying some of their debts. The Emirate’s Queen Elizabeth is one, if not the, World’s bets known cruise ship. It seems Dubai switches ownership of one “world’s greatest” for another.

In 2007 they had just bought the cruise ship for roughly $100 million and now any of the proceeds will be used towards paying off some of Dubai World’s $22 billion in debts.

Istithmar has already sold some of its hotel, such as the W Hotel in New York and plans to sell port and shipping agent Inchcape Shipping Services for $700 million. However, despite all this loss, Istithmar still hold many great assets. Some of which include, stake in book publishing giants Houghton Mifflin and Harcourt Education.

Following Dubai, now many other countries are falling into similar debt. Some such countries are Greece, Ireland, Portugal, and Spain.