Before the Great Recession, Dubai built some truly flamboyant real estate projects, including the world's tallest buliding and an archipelago of man-made islands. Now, the Emirate wants to return to the days of such massive projects, but this time around, financing will be much harder to come by.
Expense reports: They are the bane of the busy business traveler. Between saving all those receipts, scanning them, documenting, and filling out the paperwork, recouping your money can be a mammoth time suck. It doesn't have to be.
Frederick's of Hollywood, the racy lingerie store that famously introduced the the first push-up bra and brought the first bikini to the U.S., has opened its first international store in a surprising place: the United Arab Emirates. Here's why the move, weirdly enough, might make sense.
Masdar, the $22 billion green city that United Arab Emirates capital Abu Dhabi is building in the desert just outside its borders, has canceled its plans to generate all of its own clean energy and to emit zero carbon -- and says it's running at least four years behind schedule.
BP exec told Wall Street Journal that leaking oil well could be capped sooner than expected -- in just over two weeks, but a company spokeswoman backtracked, saying August is still more likely date.
Word on The Street is that many of the country's less-principled financiers are daydreaming about getting a one-way ticket out of Dodge. Luckily, the financial scofflaw with a truckload of money has several options at his or her disposal. Here are DailyFinance's picks.
Dubai's sovereign debt problems have resurfaced as the kingdom reportedly plans to ask for a standstill on payments of $22 billion in debt issued by state-owned Dubai World.
It's tempting to view the Burj Khalifa as a prefab artifact, ready-made for future archaeologists to pick over while muttering about hubris and failure. But despite the many experts ready to write Dubai's financial obituary, the emirate is far from dead.
When the Abu Dhabi Investment Authority struck a deal with Citigroup in 2007 to buy $7.5 billion in equity shares in exchange for an 11 percent dividend, it agreed to convert those shares into common stock later. Now, with Citi's stock below $4, the $30-plus per share Abu Dhabi agreed to pay is looking like a really bad bargain.
