Posts Tagged ‘United Arab Emirates’

DUBAI, United Arab Emirates – Dubai's main stock exchange dropped more than 7 percent and Abu Dhabi markets slid more than 8 percent on the first day of trading since officials went public with the city-state's huge debt crisis. Shares of DP World, a profitable port operating division of the debt-ridden Dubai World, were off nearly 15 percent in early trading Monday when the market opened. The ... Full story

DUBAI, United Arab Emirates – The United Arab Emirates has pledged to stand behind foreign and domestic banks in the country, offering additional money while extolling the strength of the Gulf nation's financial sector as world markets brace for a potential day of reckoning Monday over Dubai's crushing debt. The UAE's immediate priority was arguably to avert any run, however unlikely, on banks by panicked depositors. ... Full story