Dubai World going bust?

COUNTING THE COST

Al Jazeera's Kamahl Santamaria explores Dubai's financial troubles.

Kamahl Santamaria, presenter Counting the Cost Last Modified: 21 Jan 2010 11:06 GMT

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So by some strange twist of fate, we are back in Dubai this week. Well not actually there, but that is where our focus is - the bombshell that Dubai's mega-business Dubai World is in financial trouble.

COUNTING THE COST


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It is so odd, after the size and scale of the Dubai Air Show last week,to think that Dubai World the big government-owned investment and development company is so badly on the ropes.

I have talked to a few people in Dubai in the past who have said things were bad; they had bought property that either never got built, or got built and was now worth a fraction of what they paid for it.

There were stories of hundreds of abandoned cars at Dubai airport, people who had just packed up and left, trying to cut their losses.

But the news that Dubai World needed a six-month freeze on its debt repayments was the real confirmation.

Despite what the rulers of the emirate say (anyone remember Sheikh Mohammed bin Rashid al Makhtoum telling Dubai's doubters to "shut up"?) Dubai has got some serious cash problems.

Dubai's sporting struggles

It seems that even sports events may be affected by the financial crisis in Dubai [AFP]

We are going to look at that on this week's show, but also take another angle - that of sport.

There are a lot of big sports events in the Emirates these days, and they attract a lot of big names.

But even those events are struggling.

Jo Gasiorowska from Al Jazeera's sport team was in Dubai for golf's World Championship.

She filed a report for us on the dwindling finances in the sport there. Very interesting story.

Also, we will look at India - such an interesting and influential country.

Our Washington team will explore where Indo-American economic ties are going, following Manmohan Singh's visit to Washington.

We will also reflect on Mumbai, the financial capital of India, one year after the city was so tragically and brazenly attacked.

Hope you can join us for this week's Counting the Cost.

Counting the Cost can be seen each week at the following times GMT: Friday: 1430, 2030; Saturday: 0430, 1230, 1900; Sunday: 0130, 1630; Monday: 0830; Tuesday: 0600.