Dubai on Monday officially inaugurated the centerpiece of its decade-long construction boom, with the surprise revelation that the world-beating 168-story skyscraper -- seen by some as a symbol of the city's economic excess -- was even bigger than previously thought.
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.
As soaring oil prices enriched the Persian Gulf region in recent years, the United Arab Emirate of Dubai became the embodiment of global exuberance. Now even this boomtown has fallen prey to the credit crisis.
DUBAI, United Arab Emirates -- It was a lovely week at the Emirates Golf Club. Palms rustled, birds chirped, pile-drivers hammered, tractors roared, construction cranes rattled, saws whined, dumpsters clanged, trucks groaned, and traffic on Sheikh Zayed Road top-dressed the ambient cacophony with a lusty baritone hum. What was vacant desert just a few years ago is now a construction project to beggar the imagination, with dozens and dozens of skyscrapers springing skyward.