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sykes
11-30-2009, 11:01 AM
Expert at the Central Bank is unlikely to affect the debt crisis of the Dubai market, Iraq's financial and real estate

(صوت العراق) - 30-11-2009 (Voice of Iraq) - 30/11/2009



He is an economist at the CBI that the financial crisis of the Emirate of Dubai does not affect Iraq's financial market and real estate, at the time the index closed the Dubai Financial Market on Monday, down 7.80, while Abu Dhabi's index fell by 8.31% when the closure in the first trading session after the emergence of the crisis.

The expert in the Central Bank of Iraq on behalf of Abdul-Hadi said in an interview for "Alsumaria News" on Monday that "the economic isolation of Iraq and its association with non-market Dubai or any other financial market in the world, in addition to the actual need for Iraq's real estate market does not cover domestic requirement, which an estimated three million housing units, this would constitute a major cause of the non-arrival of the crisis to Iraq. "



Abdul Hadi attributed the current financial crisis to "speculation and inflation in the real estate market in Dubai, in addition to support the Government of Dubai, which promoted the market as an interface of the interfaces of progress," according to his words.


And Abdul-Hadi said, "Dubai's crisis not to affect the oil price, considering that the price is already affected by the global financial crisis that led to a significant drop in oil prices before the re-rise again," adding that "the economic size of the Emirate of Dubai does not have a significant impact on global oil market. "

He noted the Iraqi economic expert that "Dubai's crisis could affect slightly the Iraqi market for securities if there were Emirati holding companies, holds a large portion of the shares of the Iraqi market," but he noted that "information received from the market confirms that the shares owned by investors and Arab businesses constitute a small fraction of the shares of the Iraqi market for securities and therefore the impact would be very simple. "

Observers had predicted that financial markets are the Gulf market, particularly Dubai and Abu Dhabi, to huge losses when it opens after the holiday of Eid al-Adha because of growing fears of financial crisis, Dubai, the UAE Central Bank, however that on Sunday and sent a letter to reassure by providing additional liquidity to banks operating in the country.

The benchmark Dubai on Monday, the first opening after the emergence of a crisis on the decline in value of 152.80 points to 1940.39 points, while Abu Dhabi index lost 93,241 points to 2668.23 points, also fell reconstruction leadership in the Dubai market cap up to 9.86%, note that maximum decline during a single trading market indices in Dubai and Abu Dhabi and listed shares which is 10%.


And suspended its stock markets since last Thursday because of the holiday of Eid al-Adha and therefore not affected until at least>


, The Dubai government to freeze the financial benefits of Dubai World subsidiary, which sent shock waves to the Asian and European markets Thursday, the U.S. markets Friday on worries the faltering of Dubai in the payment of debts estimated at around eighty billion dollars.
But world leaders yesterday expressed their confidence in the global economic recovery, despite concerns.

The Dubai World, has asked its creditors Wednesday, led by companies, Standard Chartered, HSBC and Royal Bank of Scotland, Barclays and other financial institutions, to postpone the payment of debt in 2008 was estimated at 80 billion dollars, for a period of six months.
وأحدث This Declaration and the latest earthquake in global financial markets, leading to the decline in the Dow Jones more than two hundred points, and oil prices fell by more than two percent to approximately seventy-six dollars per barrel.

السومريّة Sumerian

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Markus
11-30-2009, 01:45 PM
Hope he's right. Thanks Sykes

scruzman
11-30-2009, 10:00 PM
I would think Iraq's real estate and financial structure is so "virgin" as to not be too affected by Dubai's woes!