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Wednesday, 15 June 2011

Dubai tempts once again but dangers still lurk | Reuters

Dubai is back in business, or at least on its way to repairing an image devastated by a debt crisis.

Less than three years ago foreign investors turned their backs on Dubai, the tiny desert city-state with grand ambitions built on massive debt, after state-conglomerate Dubai World announced it would restructure about $25 billion in debt.

But now, Dubai's flagship airline has successfully marketed a $1 billion bond, hotels have attracted thousands more guests and unrest across the Middle East has persuaded some businesses to move some their offices to the more stable emirate.