After decades of unprecedented growth, Dubai's overheated economy is reaching its melting point. Dubai World, the state-owned real-estate and ports giant that has driven much of the economic expansion in the city-state in recent years, has asked for a moratorium on its debt. The government's announcement came after the local stock market had shut and on the eve of the Eid holidays. Many international celebrities and sportsmen have properties in the most populated city of the United Arab Emirates
Heavy early morning fog near the Dubai marina
Photograph: Steve Crisp/Reuters
The Guardian
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