Money Problems in Dubai

Posted By: Sara Sindelar

Black Friday was not what investors and retailers expected. With the number of customers in stores did not meet expectations the traffic was high due to the marketing of blowout deals. On top of black Friday sales not meeting expectation, Dubai World released information that they were in major debt.

Dubai World has debt that they are unable to pay back. This has caused the DOW to fall 155 points on Friday. After reaching 13 month highs Wednesday this Dubai news has caused the DOW to fall 155 two days later. Dubai World’s debts are up to around $60 billion.

With more bad news affecting the markets and to add to the list of bad news we need to focus on hope. Unemployment may be at a 26 year high but the markets are increasing over the past year. The news of what seemed to be a flourishing economy of Dubai hopefully will not have a long lasting affect on the United States economy.

http://money.cnn.com/2009/11/27/markets/markets_newyork/?postversion=2009112714
http://online.wsj.com/article/BT-CO-20091127-708480.html
http://news.xinhuanet.com/english/2009-11/28/content_12552796.htm