Dubai shares continue to slump on second day
Dubai shares continue to slump on second day
Tuesday 1st December 2009
The Dubai stock market dropped 6.25 per cent on opening today as uncertainty over the region's economic stability continues.Neighbouring Abu Dhabi also saw its market slump by 5.9 per cent coming on the back of sharp drops yesterday.
The chaos followed the announcement by the government's holding company Dubai World that it had asked to delay payments of debts of £35 billion.
The news came before the start of the Eid festival, with the markets only opening again yesterday, hence the sharp drops recorded this week.
Traders feared the announcement could result in Dubai defaulting on debt payment, although Dubai World has unveiled plans to restructure £15.8 billion of the debt.
Dubai's government has distanced itself from the problems with finance minister Abdulrahman al-Saleh saying: "[Creditors] think Dubai World is part of the government, which is not correct."
British banks saw their stock fall yesterday on the back of the drops in Dubai, but the FTSE 100 opened over one per cent this morning.
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