30 November 2009

Shares in Gulf Nations tumble

Shares in Dubai have fallen by up to 7 per cent as investor confidence in the Dubai economy takes a turn for the worse.

The United Arab Emirates central bank pledged to keep banks there liquid but the overall situation looks shaky to many on the world stock markets.

Dubai World, the state-owned company, asked for a further 6 months to pay back its $60 billion of debts last week causing a worldwide investor reaction.

Since then Dubai and Abu Dhabi officials have been holding emergency rescue talks to try and salvage the bruised Dubai economy.

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