Dubai: The legal issues highlighted by the crisis
Dubai World’s emergency debt restructure last year and the continuing debate over the integrity of sukuk products have rocked investor confidence in the Dubai International Financial Centre. Tricky structural work is needed to strengthen its legal framework and ease their fears
Dubai’s latest showpiece building, the Burj Khalifa, was designed at the pinnacle of a decade of exuberant financial growth, prompting comparisons between the Dubai International Financial Centre and traditional centres London and New York. However, media coverage of the world’s tallest skyscraper’s January 4 opening focused on the symbolism of its needlepoint and the bursting of Dubai’s bubble. Investor confidence in the Gulf state, part of the United Arab Emirates, was rocked by a series of
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