Dubai stocks Fall

Dubai shares have plunged as a result of fears over the future of the economy there.  Last Wednesday, the large company Dubai World (which is also responsible for the massive island-building project to create a group of islands in the shape of the world) requested for a six-month extension to pay back its $60 billion debts.

Investors around the world reacted with a distinct lack of confidence in the Arab nation.

Dubai has been hit hard by recession – it was once known as a booming centre for commerce and key to the Gulf nations’ success.  Now, it is facing ruin as shares and stocks tumble.

 

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