David Beckham & fellow celebrities caught in Dubai debt crisis
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David Beckham, together with Brad Pitt and Angelina Jolie, are thought to be among those caught up in Dubai’s credit crisis.
Stock markets across the globe tumbled Wednesday night after Nakheel, a subsidiary of Dubai's main development company Dubai World, pleaded with the government for it to freeze repayments of its $64.38 billion debt.
Thousands of multi-millionaires have grabbed homes in Dubai, enticed by the tax-free lifestyle.
When the 2,000 luxury villas and apartments in Palm Jumeirah went on sale in 2002, they sold out in a month.
Several English footballers, passing en route to the World Cup in Japan and Korea, also bought properties worth over £1 million.
Movie star couple Pitt and Jolie are also said to have bought homes on the islands as Dubai became poised to be the world’s number one playground for the rich and famous.
But the dream came down to earth Wednesday as the developer, Nakheel, has run out of cash saying it can no longer pay its debts.
With Nakheel unable to pay its debts, construction is likely to stall on the island, leaving the luxury villas surrounded by an ugly building site – which could see property values plunge.
Stock markets across the globe tumbled Wednesday night after Nakheel, a subsidiary of Dubai's main development company Dubai World, pleaded with the government for it to freeze repayments of its $64.38 billion debt.
Thousands of multi-millionaires have grabbed homes in Dubai, enticed by the tax-free lifestyle.
When the 2,000 luxury villas and apartments in Palm Jumeirah went on sale in 2002, they sold out in a month.
Several English footballers, passing en route to the World Cup in Japan and Korea, also bought properties worth over £1 million.
Movie star couple Pitt and Jolie are also said to have bought homes on the islands as Dubai became poised to be the world’s number one playground for the rich and famous.
But the dream came down to earth Wednesday as the developer, Nakheel, has run out of cash saying it can no longer pay its debts.
With Nakheel unable to pay its debts, construction is likely to stall on the island, leaving the luxury villas surrounded by an ugly building site – which could see property values plunge.
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