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NEWS ABOUT: Dubai World

Dubai's 'World' Is Sinking

Sea reclaiming troubled artificial island project

(Newser) - The end of the World is looming in Dubai. The "World" project—an artificial archipelago of 300 small islands arranged in the shape of a world map—is sinking back into the sea, according to evidence presented to a property tribunal in the emirate, the Telegraph reports. Only one... More »

Dow Up 30 on Dubai Rescue

Exxon down 4.7% after XTO Energy acquisition

(Newser) - Stocks posted solid gains off the news that Abu Dhabi had given Dubai $10 billion to head off its credit woes, soothing worries of a sovereign default, the Wall Street Journal reports.
  • The Dow rose 29.55 points to close at 10,501.05.
  • The Nasdaq gained 21.79, closing
... More »

Abu Dhabi Sinks $10B Into Dubai

Regional markets up on news of funds to pay Nakheel's bond

(Newser) - Dubai markets soared today on news that the troubled sheikdom has received $10 billion in financing from neighbor Abu Dhabi. The funds come just in time for $4.1 billion to repay an Islamic bond of Dubai World's real estate arm, Nakheel, which matures today. The remaining money will be... More »

Dubai Crash Will Test Murky Sharia Finance

Unclear how default will affect Islamic lenders, who earn no interest

(Newser) - Dubai World’s unraveling could prove a critical test for the rapidly growing Islamic finance sector, and Dubai’s murky judicial system. A significant chunk of Dubai’s debt is in the form of Sharia-compliant bonds, the New York Times explains. These increasingly popular instruments forbid lenders from collecting interest,... More »

Dubai: We Won't Bail Out Dubai World

Says it's not responsible for state-owned company's debt

(Newser) - Dubai’s government threw investors a curve ball today, saying that even though struggling Dubai World is state owned, the government won’t guarantee its debts or bail it out. Lenders “have deemed Dubai World as part of the government, and this is not true,” Dubai’s finance... More »

Will Cash-Rich Abu Dhabi Bail Out Profligate Dubai?

Weak UAE statement stokes fears of tension between emirates

(Newser) - The United Arab Emirates’ vaguely-worded statement of support yesterday for Dubai—which didn’t actually mention the city-state by name—isn’t reassuring investors, who fear rocky relations between emirates, the cash-strapped Dubai and oil-rich Abu Dhabi. The latter could easily wipe out Dubai World’s delinquent $59 billion debt,... More »

UAE Stocks Plunge on Dubai Fears; Asia Rebounds

Abu Dhabi exchange drops more than 8%

(Newser) - Stock markets plummeted in the United Arab Emirates today, in response to Dubai’s credit woes. The Abu Dhabi Stock Exchange lost more than 8% in heavy trading, while the Dubai Financial Market, a currency exchange, lost 7%. Stocks heavily linked to Dubai did especially poorly; ports operator DP World... More »

UAE Backs Dubai Banks

Central bank steps in to reassure jittery markets

(Newser) - The UAE got behind domestic and foreign banks in troubled Dubai today, with its central bank setting up a "liquidity facility" on the eve before battered global markets were to re-open after a holiday break. The move was widely seen as countering the perception that Dubai might be the... More »

'Debt Bomb' Nations Could Follow Dubai Into Crisis

Investors fear emirate is canary in coal mine

(Newser) - Dubai's financial implosion could be the beginning of a fresh financial crisis as investors lose faith in the ability of heavily indebted countries to pay their bills. Analysts warn that in the worst-case scenario, the Dubai crisis could lead to mass defaults in emerging markets and even in heavily leveraged... More »

Dow Down 154 in Wake of Dubai Crisis

American exchanges follow worldwide markets into tailspin

(Newser) - The ripple effect from the Dubai debt crisis shook markets around the world today, with American exchanges rebounding from their morning lows but still registering significant losses, the Wall Street Journal reports.
  • The Dow dropped 154.48 points to close at 10,309.92
  • The Nasdaq fell 37.61 to
... More »

Crisis at Dubai Flagship Roils World Markets

In surprise, government takes over Dubai World; bank stocks pounded

(Newser) - A move today by the government of Dubai to take over its flagship company, Dubai World, caused ripples of panic throughout the region, and translated into a selloff in bank stocks in Europe and Asia. The government also aims to delay payments on $60 billion in debt, a request that... More »

Cash-Poor MGM Mirage May Sell Casinos

(Newser) - MGM Mirage, the gambling conglomerate, is considering the sale of casino properties in Michigan and Mississippi to pay down debt and save an underfunded Las Vegas development, the Wall Street Journal reports. The Vegas-based company has retained Morgan Stanley to shepherd the sales of the MGM Grand Detroit and Biloxi’... More »

Giant Vegas Project May File for Bankruptcy

Kerkorian-Dubai megaconstruction will miss debt payment

(Newser) - City Center, the sprawling $8.6 billion Las Vegas development and the largest private construction project in history, will likely fail to make a $220 million debt payment today and may file for bankruptcy. The project is a collaboration between Kirk Kerkorian's MGM Mirage and Dubai World, a conglomerate owed... More »

Dubai Betting $5B on Vegas Casino Giant

Deal with MGM Mirage gives Persian Gulf state stake in gaming Mecca

(Newser) - Dubai World—a company owned by the government of the oil-rich Persian Gulf state—plans to invest up to $5.1 billion in MGM Mirage, the world's second-largest casino company, Bloomberg reports. The move would give Dubai a presence in booming Las Vegas and free up assets for MGM Mirage... More »

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