? ? ? ? ? ? ? ? ? ? ? ? Dubai feels the economic crisis

This is the VOA Special English Economics Report.

In recent years, a shining city grew in the desert of Dubai on -- and even off -- the Gulf coast. An island shaped like a palm tree was built for hotels, homes and entertainment.

In October of last year the same developer announced plans for the world's tallest building yet. But the economic downturn soon forced the Nakheel company to suspend those plans.

Dubai is in the United Arab Emirates, a thirty-eight year old federation of seven territories ruled by emirs. But, unlike its neighbor Abu Dhabi, oil has not fueled Dubai's growth. Oil is only six percent of its economy. Instead, the property and service industries have led its expansion.

Now Dubai finds itself in financial pain. And its reaction has some investors worried.

Last week, Dubai's largest investment company called for a six-month delay in paying some of its debts. Dubai World Group is seeking to renegotiate termson twenty-six billion dollars in debt. All of it is linked to Nakheel, which is part of Dubai World.

The government owns Dubai World and will take control of its restructuring. But Dubai's finance chief said the government does not guarantee its debt.

Dubai World owes creditors a total of sixty billion dollars. The company is not an investmentvehicle for the government like a sovereign wealth fund. It is a holding company for businesses in land development, port operations, energy and financial services. The group has used borrowed money for economic development.

Ghiyath Nakshbendi of American University in Washington notes that the problems are linked to a worldwide collapse in real estate prices.

GHIYATH NAKSHBENDI: "Emerging markets are as victim to the world meltdown as any other economy and there are no exceptions."

He expects the debt restructuring to be successful. He says Dubai and its leaders have too much to lose to let creditors -- like banks in Britain -- suffer losses.

Still, last week's announcement was a surprise. Now Dubai World is faced with selling properties at heavy losses to raise money. Some experts question how willing Abu Dhabi will be to rescue Dubai. Their relationship is sometimes tense.

Ghiyath Nakshbendi says Dubai World will have to change its ways.

GHIYATH NAKSHBENDI: "I think Dubai went a little bit too fast and they borrowed too much money in a very short period of time."

Of course, Dubai was not alone in gathering debt during the easy credit years. There are worries that the crisis could be the first of more to come in other parts of the world.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

譯：

? ? ? ? ? ? ? ? ? ?迪拜陷入經(jīng)濟危機

這里是美國之聲(VOA)慢速英語經(jīng)濟報道。

近幾年來，一座現(xiàn)代化的城市-迪拜办龄，在海灣附近崛起了。這個形狀像棕櫚樹的小島上建起了酒店敌卓，住宅和娛樂設施。

去年10月份伶氢，同一個開發(fā)商宣布了建造世界上最高建筑的計劃趟径。但是經(jīng)濟下滑很快迫使棕櫚島集團(Nakheel)暫停了他們的計劃。

迪拜是阿聯(lián)酋的一員癣防，阿聯(lián)酋是一個由七個國家組成蜗巧，有著三十八年歷史的聯(lián)盟，其遵循穆斯林酋長的領導蕾盯。但是幕屹，和鄰國阿布扎比不同的是，石油并不是迪拜經(jīng)濟增長的拉動力级遭，石油僅占其經(jīng)濟的6%望拖。相反，房地產(chǎn)和服務行業(yè)拉動著迪拜經(jīng)濟的增長挫鸽。

現(xiàn)在说敏，迪拜陷入了經(jīng)濟危機，而它對此的反應也令一些投資者感到擔憂丢郊。

上周盔沫，迪拜最大的投資公司要求延遲六個月時間償還某些債務医咨。迪拜世界集團正在尋求重新談判債務中涉及260億美金的一些項目，這些項目都與迪拜世界集團下屬公司棕櫚島集團(Nakheel)相有關架诞。

迪拜世界集團歸政府所有腋逆，政府也將控制它的重組。不過迪拜財務部長表示侈贷，政府并不擔保集團的債務償付。

迪拜世界集團欠債高達600億美金等脂。對于政府而言俏蛮，它并不像財富基金一樣是一種投資媒介，而是一個控股公司上遥。公司涉及土地開發(fā)搏屑，港口運營，能源和金融服務等粉楚。該集團使用借貸的資金進行商業(yè)發(fā)展辣恋。

華盛頓美國大學的蓋亞斯.納克什本迪(Ghiyash Nakshbendi)指出：迪拜的經(jīng)濟危機問題和世界房地產(chǎn)經(jīng)濟泡沫息息相關。

蓋亞斯說：“新興市場和和其他經(jīng)濟體一樣模软，都是世界金融危機的受害者伟骨，它們無一幸免∪家欤”

他期望迪拜世界集團的債務重組能夠取得成功携狭，并指出迪拜和它的領導者們不能再讓它的債權者們，如英國的一些銀行回俐，再蒙受損失了逛腿。

然而，上周迪拜的聲明很是出人意料〗銎模現(xiàn)在迪拜世界集團正面臨著在嚴重虧損的情況下出售財產(chǎn)以籌集資金单默。一些專家對于鄰國阿布扎比是否會愿意拯救迪拜發(fā)出質疑，畢竟兩國關系有時會比較緊張忘瓦。

蓋亞斯指出搁廓，迪拜世界集團將不得不改變其發(fā)展方式，并說：“我認為迪拜發(fā)展的有點太快了政冻，它短時間內(nèi)借貸了太多的資金枚抵。”

當然明场，迪拜并不是唯一一個在借貸放松時期借貸的國家汽摹。有人擔憂，這種危機是否會在世界各地接踵發(fā)生苦锨。

本文來自美國之聲慢速英語逼泣，作者馬里奧.瑞特(Mario Ritter)趴泌。我是史蒂夫.恩貝爾(Steve Ember)。