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Wednesday, December 2, 2009

Dubai Debt Shock UAE Leaders Try To Steady Nerves Over Dubai Stocks Fall

UAE Leaders Try To Steady Nerves Over Dubai Stocks Fall

Source Zawya

Tuesday, Dec 01, 2009

DUBAI The leadership of the United Arab Emirates tried Tuesday to steady the nerves of investors after concerns over Dubai's debt crisis sent stock markets across the Gulf sharply lower for a second day.

In a public statement, Dubai's ruler stressed federal unity across the U.A.E. amid concern that oil-rich Abu Dhabi will remain on the sidelines as it struggles to restructure the debts of its government-owned companies.

The country is working on "enhancing integration between the federal and local frameworks," said Sheik Mohammed bin Rashid Al Maktoum, who is also Prime Minister of the U.A.E.

Stocks in Dubai and Abu Dhabi fell sharply for a second day. The Dubai Financial Market's main index closed down 5.6% Tuesday, after falling 7.3% the previous day. Abu Dhabi shares closed down 3.6%. Shares in Qatar and Kuwait were also hit, with benchmark measures down 8.3% and 2.7% respectively.

Copyright (c) 2009 Dow Jones & Co.

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