Dubai on Wednesday shocked investors by asking for a debt standstill at Dubai World, the emirate’s flagship holding company and developer of some famously extravagant real estate projects. The move raised the spectre of default in the Middle East’s trading hub. Dubai’s surprise move angered some investors who had been told for months that the city would meet all obligations on its $80bn of gross debt. See also FT Alphaville, here, and Lex, here.

This entry was posted by Gwen Robinson on Thursday, November 26th, 2009 at 5:07 and is filed under Capital markets. Tagged with dubai world. Edit this entry.