A year later, Dubai’s debt crisis is no longer in the global spotlight. It was this time last November that Dubai World, the far-reaching conglomerate whose shareholder is the emirate’s government, startled global markets by delaying payments on its debt.
Dubai, until then known for its outsized ambition and mammoth construction projects such as artificial islands and sky-high hotels, started evoking other, less kind epithets.
Today, the market focus has shifted to the euro zone’s debt woes, even as Dubai continues to face serious challenges. Read related story on fears that Portugal or Spain will follow Ireland’s path toward bailout.
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