Dubai investors rattled as state-backed entity flirts with default

Dubai Palms

The credit markets were brought back to reality last month, following the announcement by state-owned holding company Dubai World that it intends to restructure $26 billion of debt issued under its own name and by two subsidiaries.

The news brought into sharp focus that although the bond markets have seen a dramatic recovery in the past six months, default risk in certain parts of the world remains real and investors can ill-afford to be complacent.

Dubai World, which has investments in transpor

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