Dubai’s leader tried to calm panicky investors Tuesday as regional markets tumbled for a second day on news that the city-state’s chief conglomerate needs to delay payments on its $60 billion debt for six months.
Dubai’s ruler, Sheik Mohammed bin Rashid Al Maktoum, tried to reassure investors in his first public statement about Dubai World’s debt crisis. “Our economy is strong and solid and consistent,” he told Al-Arabiya satellite television, adding markets were overreacting because of “a lack of understanding about what is happening in Dubai.” He did not elaborate. Source: AP