Once looked at as the premier hotspot for celebrities to vacay at, Dubai is now under financial scrutiny for a massive amount of debt. More details under the hood.
Dubai World, the corporate arm of Dubai, which has led many of its most ambitious real estate projects is now struggling under the burden of $59 billion in liabilities.
The conglomerate, which also owns Dubai’s huge port operations and has taken stakes in glamorous overseas properties like Barneys and MGM Mirage in Las Vegas, has billions of dollars of payments due in the upcoming months.
The government has asked its creditors for a six-month reprieve from debt payments.