For Dubai, 2010 will go down as a year of steady recovery from the financial storm unleashed in November of the previous year when Dubai World told creditors it could not repay its debts, at least not on the then-existing terms.
If that was a high-water mark in the emirate's financial problems, the rest of the year saw the tide of indebtedness slowly receding. The two most important events were the announcement of proposals to creditors in March, and their acceptance by the conglomerate's core lenders in May.
After that, there was still plenty of work to be done herding creditors into acceptance and getting all the paperwork done. In fact, the final part of that process is still not complete - there are still some formalities to be observed before a deal is finally signed, sealed and delivered.
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