dubai

Dubai debt 'standstill' raises alarms
Updated: 06:10, Friday November 27, 2009

Just a year after the global downturn derailed Dubai's explosive growth the city is now so swamped in debt it's asking for a six-month reprieve on paying its bills.
The move has caused a drop on world markets and raised questions about Dubai's reputation as a magnet for international investment.
The fallout came swiftly after a statement that Dubai's main development engine Dubai World will ask creditors for a standstill on paying back its $US60 billion debt until at least May.
Markets took the news badly - with the Dubai woes and the continued fall of the US dollar giving investors twin worries.
Wall Street was closed for the Thanksgiving holiday and most markets in the Middle East were silent because of a major Islamic feast.