Question of the day
Who's being sacrificed?
Dubai made its debt payment rescheduling announcement on Thursday. Like many announcements of bad news it came at the start of a weekend. In the UAE the weekend is Friday and Saturday. But this isn't just any weekend. The announcement came on the cusp of the Feast of the Sacrifice, Eid al-Adha. (I leave it to you to conjecture whether that was intentional.) World markets seem to think Abu Dhabi will have something to say by Sunday. But I wonder.
Addendum. As the first commenter underscores, the government holiday extends through next Sunday, December 6th. Holidays are taken seriously here.
Dubai made its debt payment rescheduling announcement on Thursday. Like many announcements of bad news it came at the start of a weekend. In the UAE the weekend is Friday and Saturday. But this isn't just any weekend. The announcement came on the cusp of the Feast of the Sacrifice, Eid al-Adha. (I leave it to you to conjecture whether that was intentional.) World markets seem to think Abu Dhabi will have something to say by Sunday. But I wonder.
Addendum. As the first commenter underscores, the government holiday extends through next Sunday, December 6th. Holidays are taken seriously here.
posted by John B. Chilton at 11/28/2009 07:43:00 AM
2 Comments:
You mean the following Sunday, right? With all government offices and ministries closed till December 6, I think the timing (in the eyes of the Dubai government) was impeccable. Instead of having a whole chorus of market reaction, they've spread it out of a course of days to lessen the blow.
If we do here anything from Abu Dhabi (doubt it), it wont be for another 8 days.
John,
I think Abu-Dhabi already had its first say when marching orders were issued to Messrs. Gergawi, Bin Sulayem, Alabbar & Company.
I doubt if Abu-Dhabi would go all out in letting the general public know that they are the new bosses in town. They won't do it too obviously for two reasons:
1) To keep the unity and out of respect for the Dubai Ruling Family.
2) To avoid panic within the business community.
Post December 6th, we may hear about a creation of a new Body to oversee all affairs in town. The moment you figure out who's who on this body, that should tell one and all who runs the show in town.
Based on their track record, it ain't gonna be the Macks, that's for sure!
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