Originally Posted by jumanji
i dont think they have any intention to give up even a small piece of ek.
It's a bit early to start predicting the fall of Emirates, but they will need to agree payment of the debt, and Emirates may well be used as security, though given that Emirates don't own very much - planes are leased not owned - any security would be against the brand. Interesting though... DNATA on the other hand...
Originally Posted by
typical
It's odd that this is being described as a shock though - the writing has been on the wall for quite a while.
It's a shock because Dubai kept saying that there was no problem, even though the man on the street when presented with very little information can see that a problem was on its way. If Dubai had admitted much earlier that there was an issue, the markets would have had more warning, and would probably said 'well, it had to happen, but it's not the worst thing on earth, now we can deal with it'.
Dubai is still very wealthy, and can probably take the strain of the debt, but they should have planned a little better for it, and then the world markets would not have reacted in the way that they have.
Dubai needs to be a little more open than it currently is, and needs to stop hiding behind glossy marketing - I can't see that happening in the short term. Unless big-bro Abu Dhabi steps in and forces its hand...