The Dubai government rocked global financial markets by announcing a week ago that state-controlled Dubai World was seeking a six-month standstill on credit payments.
Investors subsequently were alarmed when the head of the Dubai finance department said the government never intended to guarantee Dubai World's $59 billion in debt, the lion's share of the city state's borrowings estimated at up to $100 billion.
Dubai is still seen as the premier place to do business in the Middle East and beyond. It is a preferred base for not just Arab but Pakistani, Iranian and even Indian businesses, due to the wider region's political uncertainty
Investors subsequently were alarmed when the head of the Dubai finance department said the government never intended to guarantee Dubai World's $59 billion in debt, the lion's share of the city state's borrowings estimated at up to $100 billion.
Dubai is still seen as the premier place to do business in the Middle East and beyond. It is a preferred base for not just Arab but Pakistani, Iranian and even Indian businesses, due to the wider region's political uncertainty
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