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FILE: Dubai - 25 August 2009 1. Tilt down Burj Dubai tower 2. Mid of sandy coloured building with tower in background 3. Wide of skyscrapers 4. Wide of buildings and water fountains 5. Water fountains 6. Mid of bridge leading to building over pool 7. Wide of people sitting and standing by railings 8. Mid of man taking photo 9. Swimming pool and sun loungers 10. Mid of man and woman lying on steps of pool Beirut - 26 November 2009 11. Economic analyst Kamel Wazne entering his office 12. Close-up of Wazne holding papers 13. SOUNDBITE: (English) Kamel Wazne, Economic analyst, American University of Beirut: "In this climate of financial difficulty, what Dubai is doing is what's been done around, other countries around the world. It's a Keynsian concept, old Keynsian concept, running a deficit during difficult time. And I think Dubai need to finance its deficit through selling bonds and that's actually what it's doing right now. But this in the future might put some burden in the government if it accelerate its debt." FILE: Dubai - 25 August 2009 14. Wide of three tall buildings under construction 15. Mid of various tall buildings 16. Wide of Burj Dubai tower 17. Mid of tall building with scaffolding 18. Wide of buildings and water Beirut - 26 November 2009 19. SOUNDBITE: (English) Kamel Wazne, Economic analyst, American University of Beirut: "But it needs to actually create growth in its economy, create trust in its banking system, and it has need to reduce unemployment and this will alleviate some of the pressure on the real estate sectors, and some of the ramification of the financial crisis. I think Dubai is heading, by doing that, probably, it would meet its short term obligation." FILE: Dubai - 25 August 2009 20. Various of buildings lining the river 21. Wide of sandy coloured building 22. Wide of sun setting in sky STORYLINE: Dubai's government-owned investment company asked for a sixth-month delay on repaying its debts on Thursday, officials said. Dubai World, which has nearly 60 billion (b) US dollars in debt, has asked creditors if it can postpone its payments until at least next May. Dubai is famed for its sprawling man-made islands, indoor ski slopes and the world's tallest tower, but it has been hit hard by the global credit crunch and recession. Property prices in Dubai have slumped by around 50 percent within the last year. Layoffs, prompted in part by project cancellations and delays, have forced many expatriates out of the city. Economic analyst Kamel Wazne, from the American University of Beirut in Lebanon, said the city-state's debt problems were not unusual. He said Dubai was doing what other countries have done, "running a deficit during a difficult time." To meet its obligations, Dubai launched a 20 (b) billion US dollar bond programme at the start of the year, initially raising 10 (b) billion US dollars through a bond sale to the United Arab Emirates' central bank which is based in Abu Dhabi. Dubai is one of seven self-governing emirates or states that make up the United Arab Emirates, and the oil-rich emirate of Abu Dhabi is home to the UAE's federal government. Wazne said Dubai was doing the right thing by financing its debt through selling bonds, but warned that this could put a "burden" on Dubai's government if it accelerates its debt. He said the government also needed to stimulate economic growth, "create trust in its banking system" and "reduce unemployment." "This will alleviate some of the pressure on the real estate sectors, and some of the ramification of the financial crisis," he said, and would probably mean Dubai could meet its short term debt obligations. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/cab7e6286a760b4c0015ae0f7415f041 Find out more about AP Archive: http://www.aparchive.com/HowWeWork