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    Friday, November 27, 2009

    UBS: Support For Dubai May Be Less Than Assumed

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    By Simon Kennedy
    MarketWatch Pulse
       

      LONDON -- Analysts at UBS said authorities will not have taken the decision to restructure Dubai World lightly and that there are three potential explanations for the decision. Firstly, UBS said, Abu Dhabi's support for Dubai might be less generous than assumed. "Perhaps Abu Dhabi has forced Dubai to tackle the problem of excessive corporate debt 'in-house' first before extending more financial support," the broker said. A second possibility is that corporate-sector problems might be more severe than assumed, UBS said. Thirdly, Dubai's debt might be higher than the generally assumed $80 billion to $90 billion due to potential off-balance sheet liabilities, it added.

      Copyright © 2009 MarketWatch, Inc.

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