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UK banks lead Dubai foreign creditors

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Published Date: 04 December 2009
UK BANKS make up the biggest group of foreign creditors for debt-swamped Dubai World, and Royal Bank of Scotland is the most exposed, it was reported yesterday.
RBS is said to have between $1 billion and $2bn (£600 million and £1.2bn) of outstanding lending to the emirate's beleaguered investment firm.

It is understood HSBC, Standard Chartered and Lloyds Banking Group are all exposed to the tune of $1bn each.

Dubai World is labouring under nearly $60bn (£36bn) debts, which were built up as it expanded its investment empire.

The company's projects include a six-tower hotel-entertainment complex in Las Vegas, Dubai's famous man-made, palm tree-shaped islands and Scotland's Turnberry golf course.

Dubai has been flooded with credit in recent years, enabling developers to build soaring skyscrapers and luxury residential compounds on man-made islands.





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1

common sense voice,

04/12/2009 03:54:07
can our banks handle any more world problems? will the UK go bankrupt? time to consider taking my money out and keeping it in a safety box some where...
2

Dubai is dead ,

04/12/2009 05:24:25
if RBS dont get good news soon, its going to be 90% owned by HMG.
3

Douglas,

Bathgate 04/12/2009 07:35:06
I had two stopovers in Dubai last year and was left open-mouthed at the amount of development goning on. Even the work going on at the airport was impresssive. Had I been asked, I'd have lent them money on the strength of what I was seeing.

This clearly makes me as good a financial expert as those grasping executives leading our (bought and paid for banks.

I'd like my bonus please.
4

Albion Bob,

04/12/2009 08:56:35
RBS head the list of creditors...what's that I hear?...the directors will resign if they dont receive even more bonus??
5

It's life but not as we know it,

The Oort Clouds 04/12/2009 09:25:49
Lets roll the tanks in and take the oil to cover the debts. The sheikhs can have the sand and a tent.
6

Guanyersel,

04/12/2009 09:40:14
Never ever saw the attraction.
Too hot and humid and apart from developments and shopping not a lot to see or do. Plenty more to see an do in other countries.
Another one that was never going to be able to sustain the growth.
7

Dundeelad,

04/12/2009 10:16:25
Guanyersel ...totally agree with your observations as well mate.

false economy filled with expats livingin a false world? ...I found it a very expensive place

And "its life" ..they actually do not have such large reserves in hydrocarbons ..there wealth is mainly developed on commercial aspects ..it is the areas around them that are more oil wealthy currently.
8

JulesF,

Kirkliston 04/12/2009 16:27:52
#5 Splendid idea !

One tiny problem though






They don't have any oil !!!!!
9

Brianwci,

04/12/2009 17:24:36
#8 Dubai is part of the UAE which has an abundance of Oil and Gas, where do you think Dubai gets the its wealth from?

And as Dubai has been a magnet for International cash and development for decades it would be natural for the world's biggest bank to be involved in financing some of this development.

So many people are spending time talking Scottish Banks down for their own narrow political ends that they forget how brilliantly RBS and BoS performed over the past two decades.
10

JulesF,

Kirkliston 04/12/2009 21:22:34
9 Brian,

Yes Dubai is part of the UAE.

However it has NO OIL anywhere within it.

It's a bit like England execept it relies on handouts from the other countries as opposed to giving them !
11

Griffe,

05/12/2009 12:28:54
...And RBS will continue to pay out indecent bonuses to the fools who made these loans to Dubai. These days it seems that incompetence is the only way to achieve wealth.

 

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