Dubai: yet another shock for the sheikh | Beyond Brics | FT.com

The blows to Dubai just keep on coming. Moody’s downgraded government-linked Dubai Holding Commercial Operations Group (DHCOG) yet again today, and warned that more downgrades could come.

DHCOG, the non-financial arm of Dubai Holding – an entity owned personally by Dubai’s ruler Sheikh Mohammed bin Rashid al Maktoum – is often said to be one of the healthier parts of the conglomerate, thanks to its ownership of companies such as the Jumeirah Group.

However, like a multitude of other Dubai-linked vehicles, it too got heavily involved in property development in the ritzy emirate, and is now paying the price.