These are hard times for all within the tourism industry. Over recent weeks we have seen not only SMI's (small to medium businesses) going to the wall, but also the struggles of many of the bigger players such as British Airways. But now, when so many were starting to show how the worst of this economic slump is past, one of the biggest tourism servers is bringing fresh worries in turbulent times...
This follows the breaking news that Dubai World has (reportedly) asked for more time to make a loan payment, news that has sent shock waves not just through the tourism sector, but also through the financial sector as people try to work out "Whats going on" with what was considered to be financially safe "Uber" resort of Dubai...
Banks have also invested heavily in the area. According to the Emirates Bank Association, HSBC has $17bn invested in UAE, Standard Chartered has $7.8bn, Barclays has $3.6bn and has . RBS $2.2bn. Citigroup also has $1.9bn in the UAE whilst BNP Paribas $1.7bn and Lloyds has $1.6bn....
For more on this, follow http://www.guardian.co.uk/world/2009/nov/26/dubai-first-domino-new-crash
Barticus.
This follows the breaking news that Dubai World has (reportedly) asked for more time to make a loan payment, news that has sent shock waves not just through the tourism sector, but also through the financial sector as people try to work out "Whats going on" with what was considered to be financially safe "Uber" resort of Dubai...
Banks have also invested heavily in the area. According to the Emirates Bank Association, HSBC has $17bn invested in UAE, Standard Chartered has $7.8bn, Barclays has $3.6bn and has . RBS $2.2bn. Citigroup also has $1.9bn in the UAE whilst BNP Paribas $1.7bn and Lloyds has $1.6bn....
For more on this, follow http://www.guardian.co.uk/world/2009/nov/26/dubai-first-domino-new-crash
Barticus.
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