Dubai World asked its banks for some breathing-space more than 18 months ago while it started talks to extend repayment of about US$25 billion (Dh91.82bn) of debt.
Because the company is government-owned and a central player in Dubai's development, Dubai World's problems sent tremors through global markets and put investors on notice that the emirate, like other places where easy lending fuelled unsustainable asset-price bubbles, needed a little help.
Dubai had already lined up $10bn of loans from the Central Bank to help to keep companies deemed strategically important in business. But the Dubai World restructuring was nevertheless a seminal event in the UAE's post-financial-crisis narrative.
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