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Is the Dubai saga about to blow up again?

It has been revealed that Dubai Properties Group has appointed a well-known debt restructuring expert amid concerns that the company's finances are being stretched to the limit. This is part of the Dubai authority group of companies and there are growing fears that this could be yet another stage in the debt crisis saga which has gripped Dubai over the last few weeks. Despite the fact that Nakheel, which also announced a recent debt restructuring programme, was effectively bailed-out indirectly by the Abu Dhabi authorities who came to the assistance of the Dubai authorities, there are concerns that more problems could follow in 2010.

This is an economy which grew too large too quickly, based upon a reported $80 billion debt pile which continues to grow and which the authorities are struggling to pay off. While the $10 billion loan from the Abu Dhabi authorities allowed the Dubai authorities to repay a loan which matured a couple of weeks ago, there needs to be more pain in the short term before we can truly look forward to a more prosperous future for Dubai.

Many people are still concerned that Dubai could be the falling domino which could yet cause a reaction around the world and bring down more debt laden governments and debt laden companies.

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