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Monday, November 30, 2009

Dubai stock market crashes

Nov 30, 2009

Dubai stock market has crashed post Dubai World debt restructuring. The index was down close to 7%. Dubai World, the government's holding company, had asked for delays on payments of debts worth £35bn. The announcement sent shock waves through global stock markets amid fears that Dubai would default on its debt payment.

Following the announcement on Wednesday 25 November by the Government of Dubai, Nakheel has asked for all three of their listed Sukuk’s- Nakheel Development Limited, Nakheel Development 2 Limited and Nakheel Development 3 Limited to be suspended until it is in a position to fully inform the market. Nakheel, owned by Dubai World, has a $ 3.5 bn Islamic bond maturing on December 14

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