A year after the trauma of Dubai World's announcement that it was to restructure US$24.9 billion (Dh91.45bn) of liabilities, the emirate can look back with some satisfaction that its most serious financial threat has been neutralised.
But it must also be aware there are still difficulties to overcome in other parts of the complex corporate infrastructure of Dubai Inc.
'Progress made but challenges remain', was how the situation was summed up by the US investment bank JP Morgan in a recent study of Dubai's debt situation."
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