Archive for March, 2014
Dubai times it right: Abu Dhabi agrees to rollover $20 billion in Dubai’s debt
- Published on Monday, 17 March 2014 08:52
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The timing could not have been better for Dubai to have big brother Abu Dhabi agree to rollover $20 billion in debt. The debt is part of a broader restructuring leftover from the credit crisis. Dubai still has a lot of debt outstanding. The IMF estimates that there is over $85 billion of debt maturing between now and 2017. Dubai is playing its cards right and the timing could not be better.
Tensions heat up in the Gulf as UAE, Saudi Arabia and Bahrain recall their ambassadors from Qatar
- Published on Thursday, 06 March 2014 14:56
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The smiles are for the camera only!
Tensions are once again heating up in the Gulf. This time Bahrain, Saudi Arabia and the UAE are ganging up on the Qatar. Rising tension is not new, what is new is the fact that other GCC members are tired of Qatar stepping out of line and not following the prescribed protocol.
National Bank of Abu Dhabi pays top dollar to hear Bernanke’s misguided views on the economy
- Published on Thursday, 06 March 2014 14:06
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Why is anyone still listening to Bernanke?
Ben Bernanke along with other high-flying central bankers and politicians were stars in Abu Dhabi recently as they spoke at the annual Global Financial Markets Forum (GFMF). The two-day event was hosted by the National Bank of Abu Dhabi (NBAD). Other stars included; Jean-Claude Trichet, the former president of the European Central Bank; Lawrence Summers, the former US treasury secretary; and James Baker, the former US secretary of state. There was some controversy over the $250,000 fee NBAD paid to Bernanke since it was more than his annual salary at the Fed. The real question that should be asked is why would anyone pay to hear from someone who has been wrong on so many counts?