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...globally"). Mohammed al-Shroogi, who headed Citi's United Arab Emirates operations, left in September. In late November, Dubai World, which is a for-profit development company controlled by the ruling family of the gulf state, indicated that it may have to default on a portion of its $60 billion in loans. The rush to Dubai has left Citi on the hook for billions of dollars of losses in the financially troubled gulf state. According to research firm Creditsights, Citi has made an estimated $5.9 billion in loans in the U.A.E., which includes Dubai as well as its oil-rich...
...general. But Citi was far more aggressive in courting Dubai business and left itself open to far more losses in what now seems was a financial house of cards than any other U.S. bank. JPMorgan, the U.S. bank with the next highest loan exposure to Dubai, has $2.5 billion in loans outstanding in the U.A.E., according to Creditsights, less than half of what Citi may have to write...
...followed Citi's lead. Citi reportedly built up a staff of 50 bankers in the area. But as things started to unravel Citi remained deeply invested in Dubai. In late 2008, just weeks after Citi had received its initial TARP funding from the government, Citi helped arrange an $8 billion loan for Dubai's state-linked companies. It's unclear how much of the loan Citi held onto. By that time, Citi's own research staff had begun to issue warnings that Dubai was the most vulnerable economy in the oil-rich gulf because of its exposure to real estate...
...conservative notion that the holiday requires acknowledgement from the nation's retailers to be truly meaningful. It's not easy, says a youth pastor whose church supports Advent Conspiracy. "When you start jacking with people's idea of what Christmas is and you start to go against this $450 billion machine of materialism and consumerism, it really messes with people," he explains. "It takes a lot of patience to say there's a different way - Christmas doesn't have to be like this...
...years ago - made by Raytheon Corp. And the Pentagon last month announced that Kuwait had ordered upgrades of its Patriot missile system, in a deal worth $410 million. But Raytheon isn't the only beneficiary of anxiety over Iran. The United Arab Emirates this year ordered $9 billion worth of U.S. military gear, Petraeus noted, including 70 Lockheed Martin F-16 fighter jets of a generation more advanced than those being used by the U.S. Air Force. "The Emirati air force can now take out Iran's air force," Petraeus said...