Abu Dhabi's decision to offer Dubai financial succour has bought time for the debt-laden emirate to restructure its troubled Dubai World conglomerate, but the former boom town still faces a severe test.
The 2010 European Tour golf schedule -- known as the Race to Dubai -- will feature a minimum of 47 events, including six new tournaments, culminating in the Dubai World Championship at the Jumeirah Golf Estates on November 25-28 -- the official European Tour Web site has confirmed.
Dubai World may be forced to sell overseas assets as part of its restructuring process, a top Dubai finance official conceded on Monday, but he said the government would not divest businesses to support the holding company.
Bondholders and creditors have begun mobilising in response to Dubai World's $26bn restructuring plans, as Dubai's ruler on Tuesday sought to reassure investors that his debt-laden emirate's economy remained sound.
Whether knowingly or not, Dubai, a city state built with grandiose long-term plans financed by piles of short-term debt, has cut off a crucial lifeline that may have helped it navigate the storm that threatens to engulf it.
The government of Dubai on Monday said it would not guarantee the debt of Dubai World as it sought clarify comments made last week by the state-owned entity that sent shockwaves through global markets.
A rally in bank shares helped take Wall Street higher Monday, at the end of a choppy session, as investors bet that the fallout from Dubai's debt problems won't have a major impact on U.S. institutions.
The United Arab Emirates on Sunday stepped in to shore up its banks and head off any potential capital flight as the nation's federal authorities attempted to counter concerns over Dubai's debt problems.
While Europe's best golfers were focusing their attention this year on chasing a share of the $15 million on offer for the Race to Dubai the event's organizers were in a mad scramble to just get the tournament up and running.
As the economic crisis worsens, we look at the long-term validity of professional golf in the Middle East and Dubai in particular. We also get unprecedented access to some of the world's leading golfers and Adam Scott teams up with world famous coach Butch Harmon for his 'Hot Shots.'
The government-controlled developer of palm-shaped islands off Dubai's coast and a related investment arm said Wednesday they have bought a 20 percent stake in international circus touring company Cirque du Soleil
It's always tough driving in the wilds of East Africa. But in the tiny country of Djibouti, our driver explains, it's tougher than usual. "Djiboutian goats don't scare," he says, holding down the horn and swerving. We're driving 100 mph the wrong way down a winding road through terrain so apocalyptic that British soldiers, back when they ruled the world, nicknamed this parched earth the Furthest Shag of the Never-Never Land.
In a city strewn with scaffolding, it's a project with no equal. Dubai World Central is set to be a bustling metropolis 40 kilometers south of Dubai's city center, with homes, offices and a port no less, surrounding the jewel in the crown -- the world's largest airport.