Financial crises between 2007 2010 (about Dubai) Essay

Financial crises between 2007 2010 (about Dubai) - Essay Example Buildings like the Burj Khalifa remained largely unoccupied. In 2009, Dubai suggested that it may not be able to pay the impending six month interest payments on its loans. Abu Dhabi then came to its rescue with a $ 10 billion bailout. In the year 2009, Dubai stumbled into a debt crisis. During the years of economic boom before 2008, the investment arm of Dubai, Dubai World had borrowed heavily. It had racked up more than $ 59 billion in debt. Dubai World had borrowed hugely to invest in lavish projects in Dubai. These included Las Vegas casino style glittering properties and a giant island that was shaped like a palm tree; besides the tallest building in the world: the Burj Khalifa. Nakheel is the real estate developer owned by Dubai World, the investment arm of the state of Dubai. Prominent among the constructions of Nakheel are palm-shaped islands and the Atlantis Hotel. $ 3.52 billion of the Islamic bonds of Nakheel also became due and Nakheel had no liquidity to pay them off. It was part of one of the largest tranches of Islamic bonds that Nakheel had sold to Western investors (Landon Thomas Junior, 2009). The investors had no idea that Dubai was facing a risk of default. A week before Dubai announced its possible incapacity to pay the interests on bonds, the bonds were trading at a 10% premium on their face value. After the announcement they were trading at a discount of 50% on their face value. The total debt of Dubai is distributed among a number of different state owned companies. Majority of these companies are owned by the three main investment arms of the state of Dubai. These three investment arms are: When the global financial crisis started and the property market in United States and around the world crashed, Dubai found itself left with an abundance of costly real estate that no one wanted to buy or rent. Dubai had to request that the impending six

Personal Statement Example | Topics and Well Written Essays - 750 words - 3

Personal Statement Example My relatives were involved in animal farming and that inspired me more to learn towards their welfare care. With age and time, the sense of responsibility to take care of these vulnerable creatures grew. So in accord with my parents, I brought sick stray animals home to nurse and after healing, I would make sure to find suitable homes for them. At a young age of eight, I decided to be a vegetarian and went against the grain to protect animals. My desire spawned to become a veterinarian when I witnessed an animal violence incident on a family trip abroad. My family and I were on a horse carriage admiring the ancient Egyptian monuments. Suddenly the horseman whipped the poor creature so brutally that I started weeping and demanded him to hand his whip to me to prevent further cruelty. This particular incident made the yearning to be a veterinarian more apparent. My compassion for animals and enthusiasm to learn veterinary medicine increased over time as I witnessed more examples of ins ensitivity and cruelty in South America, East Asia, and the Middle East. My family background as healthcare professionals aspired me persistently to peruse my ambition in veterinary medicine. My father, as a role model, set his priority to see the unprivileged patients at a free clinic before going to his own clinic for earning purpose. My mother, as a pharmacist, perused her doctorate diligently to begin a career in pharmacy. Living with such dedicated health care professionals, I was able to determine my aim and would opt to learn more to it through higher education. My eagerness to explore the veterinary field further flourished when I began volunteering at animal hospitals to have a closer look at the challenges involved, which intrigued me more. The whole experience of working towards the betterment of animals made me learn the importance of responsibility of handling life threatening problems. Initially I learned how to restrain them during normal procedures, stitching of cuts , simple check-ups and monitoring an animal under anaesthesia. However, one of my memorable experiences was counting the babies of a pregnant dog in an X-ray sheet. This image represented the miracle of life that strengthened my aim in supporting it. Volunteer work enabled me to monitor and learn a variety of veterinary care that improved animal health and quality of life. I observed peculiarly while veterinarians briefed the animal owner on preventive care, performed various surgical procedures such as spays and neuters, placed catheters, and administered vaccinations. I observed with wonder as life was sustained against the odds, and also as it was tragically ended out of necessity. My rewarding experiences convinced me that veterinary medicine was the ideal field for me. I am confident that I have the intellectual aptitude, awareness of work ethic, physical capability, personal strength in pressurizing moments and motivating intentions to excel in veterinary medicine. As a former top-performing competitive gymnast, I am a disciplined, strong-willed individual, who can face the hurdles and bottlenecks of education and career. Due to my passion for veterinary medicine, I have been steadfast in my career choice despite years of family pressure to become a physician. Furthermore, extensive experience in medical settings, including six years at a cosmetic surgery office, has developed my interpersonal and communication skills. I have also demonstrated strong organizational and leadership skills through my efforts for the