what just happened, page-13

well dubai is broke too so dont look to them for cash

THE Government of Dubai has moved to protect its economy from a looming crisis of confidence by disclosing details of its previously secretive finances.

It is merging and nationalising financial groups and putting the brakes on its property market.

Dubai executive council member and chairman of Emaar Properties, Mohamed Alabbar, said the emirate's borrowings were $US10 billion ($15.5 billion) and state-affiliated companies owed a further $US70 billion.

Dubai's GDP was 198 billion United Arab Emirates dirhams ($83.7 billion), which means the ratio of its debt to gross domestic product is 148 per cent, compared with 57 per cent in the US, 40 per cent in Britain and 99 per cent in Japan.