Dubai

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Dubai Preps for Opening of World's Tallest Building

160-story Dubai Burj stands 2,683 feet tall

(Newser) - Six years in the making, the Burj Dubai skyscraper opens Monday with the United Arab Emirates' fortunes in flux and the boom times that launched the world's tallest building a distant memory. Designed by American Adrian Smith, the Burj Dubai—the name means simply "Dubai Tower"—is 2,...

Dow Up 30 on Dubai Rescue
 Dow Up 30 on Dubai Rescue 
MARKETS
Dec 14, 2009 3:10 PM CST

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
...

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...

Banker for Drug Gangs, Al-Qaeda Nailed

Dubai-based banker helped shift money launder funds

(Newser) - One of al-Qaeda's favorite bankers has been busted in India after a year-long manhunt. Naresh Jain is accused of running a worldwide money laundering empire from his Dubai headquarters that handled over $2 billion a year from terrorist groups and drug traffickers, the Independent reports.

Latest Celebrity Getaways
 Latest Celebrity Getaways 

travel
Dec 5, 2009 5:47 AM CST

Latest Celebrity Getaways

Dubai is out of favor, but these destinations are heating up

(Newser) - With Dubai in dire straits, where will jet-setters go now? The Frisky knows. See full details here .
  • Morocco: Big names like Gwyneth Paltrow and Jennifer Aniston were in Marrakesh recently for the opening of a Chopard jewelry boutique.
  • Croatia: With the war over, celebs such as Steven Spielberg and Robert
...

Ignore Dubai at Your Own Peril
  Ignore Dubai 
  at Your Own Peril  

note to investors
Dec 4, 2009 10:08 AM CST

Ignore Dubai at Your Own Peril

$30B default could still take out other economies

(Newser) - The Dubai disaster should have been a wake up call. But investors, seduced by an "extraordinarily precarious" recovery, basically ignored it and kept busy building yet another bubble, writes Sebastian Mallaby in the Washington Post . Even if Dubai, with its artificial island and indoor ski resort, is an extreme...

Sailors Say Iranian Lockup Wasn't So Bad

British yacht crew says they were scared, but treated well

(Newser) - The five British yachtsmen Iran captured en route to Dubai say they have no complaints about their treatment. The sailors described their ordeal at a news conference today, saying they were held in a “perfectly reasonable room,” where they played chess and darts and were exceedingly well nourished....

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,...

Iran Seizes 5 British Yacht Crew Members

Vessel nabbed en route from Bahrain to race in Dubai

(Newser) - Iran is holding five British sailors after stopping their racing yacht in the Persian Gulf, the British government said today. The yacht, owned by Sail Bahrain, was stopped on its way from the tiny island country to Dubai on Wednesday when it "may have strayed inadvertently into Iranian waters,...

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...

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,...

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...

UAE Backs Dubai Banks
 UAE Backs Dubai Banks 
Nov 29, 2009 11:20 AM CST

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...

Abu Dhabi Won't Bail Out Dubai With Blank Check

UAE capital will 'pick and choose' its aid

(Newser) - Investors who hoped that oil-rich Abu Dhabi would write a blank check to cover the massive debts of Dubai—its flashier UAE sister city—got some bad news today. The capital city will instead "pick and choose" where to help. "We will look at Dubai's commitments and approach...

'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...

Dow Down 154 in Wake of Dubai Crisis
 Dow Down 154 
 in Wake of Dubai Crisis 
MARKETS
Nov 27, 2009 12:10 PM CST

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
...

Dubai Knocks Dow Down 222 at Open
 Dubai Knocks Dow 
 Down 222 at Open 
MARKETs
Nov 27, 2009 8:35 AM CST

Dubai Knocks Dow Down 222 at Open

Debt problems send stocks tumbling in short session

(Newser) - Stocks braced for a short but ugly Thanksgiving hangover, thanks to news of big debt problems in Dubai. The Dow tumbled 222 points at the open, while the S&P fell 25 and the Nadaq 57, reports the Wall Street Journal . While US traders were enjoying their turkey yesterday, global...

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...

Dubai's New Metro a Surprise Social Leveler

Rigid stratification breaks down underground, to delight of some

(Newser) - It may or may not alleviate massive traffic jams of Mercedes and Hummers, but Dubai's new metro system is definitely loosening up the Emirate's rigidly stratified society. “No velvet rope or electrified security gate to keep out the masses,” Tom Hundley writes. “Privileged Emiratis suddenly find themselves...

Dubai Unveils Gulf's First Metro

Sheikhdom aims to get drivers onto public transport despite rock-bottom fuel prices

(Newser) - Dubai yesterday opened its gleaming new $7.6 billion metro rail system, the first on the Arabian peninsula, AP reports. The sheikhdom's leaders hope the system will help clear Dubai's chronically traffic-clogged streets and provide some good press for the downturn-battered emirate.  Each 5-car train on the driverless system...

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