The FT’s splash this morning was “Dubai stuns debt markets“.
The Gulf state has asked for a debt standstill at Dubai World, its holding company which has developed enormous real estate projects.
“Dubai’s durprise move angered some investors who had been reassured by local officials for months that the city would meet all obligations on its $80bn of gross debt in spite of recession and a real estate crash.”
This will not pass unnoticed with conspiracy theorists who have labelled the prime minister “Jonah Brown“. Sheikh Mohammed Bin Rashid Al Maktoum, ruler of Dubai, was in Downing Street on Monday for a general chat about the economic situation.
Jim Pickard
Kiran Stacey
