Dubai yesterday shocked investors by asking for a creditor standstill at Dubai World, the government's heavily indebted flagship holding company behind some of the world's most extravagant real estate developments.
The move raised the spectre of default in the Middle East's trading hub just as early signs of economic recovery have emerged. Dubai rode the wave of easy credit during the boom years generating phenomenal growth but was badly hit by the global credit crisis.
The surprise move angered some investors who had been reassured by months of soothing messages from Dubai officials that the emirate would meet all obligations on its $80bn of gross debt in spite of recession and a real estate crash.
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