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November 29, 2009
Dubai World Crisis
Tourists relax at Jumeirah beach, across from Nakheel's Palm Jumeirah and its flagship Atlatis hotel, in Dubai. Indian exports to UAE worth around with shipments of about $24 billion in fiscal 2008-09.
An Emirati family visits Festival City in the Gulf emirate of Dubai as Muslims celebrate Eid al-Adha late on November 27. Stock markets around the world cracked as Dubai sent tremors of uncertainty.
The sun rises above Jumeirah Lakes towers in Dubai. Dubai World, a state-run investment company, which is thought to have debts totalling around $59 billion, on Wednesday informed creditors that it is deferring payments until May.
Labourers work on a bridge construction site in Dubai, United Arab Emirates. Talking about the flow of remittances, Pranab Mukherjee admitted that the current crisis might fuel joblessness and affect the flow of foreign exchange.
Residential tower blocks are reflected in the waters of Dubai Marina, a day after Dubai World announced a proposal to delay paying back loans worth $59 billion, investors read it as a sign of yet another implosion after Iceland and Ireland.
The Gate building of Dubai International Financial Center, DIFC, remains closed due to Eid al-Adha holidays in Dubai. European stock markets rebounded on Friday after Wall Street didn't fall as much as feared.
A picture of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and PM of UAE and ruler of Dubai, is seen near construction sites in Marina area. He said that the government is spearheading the restructuring in full knowledge of how markets would react.
Visitors walk past a Ferris wheel at Festival City in the Gulf emirate of Dubai as Muslims celebrate Eid al-Adha. Indian exports to United Arab of Emirates worth around with shipments of about $24 billion in fiscal 2008-09.
A camel walks on Jumeirah's popular tourist beach in front of tower blocks in Dubai. RBI Governor D Subbarao said the bank will measure the extent of Dubai's debt problem as well as its impact on Indian economy.
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