Dubai, emirate of the UAE, had accumulated $80 billion of debt by expanding in banking, real estate and transportation. S&P had placed the ratings of four Dubai-based banks on negative outlook due to their exposure to Dubai World. It now wants to restructures Dubai World, the conglomerate that spearheaded the emirate’s breakneck growth.
ndian indices were witnessing panic selling as traders booked profits in realty and banks after Dubai got gripped in financial crisis