Dubai debt crisis hits markets

Stocks and commodities go into tailspin as flagship investment company seeks moratorium.

    Dubai World, an investment company that manages and supervises a portfolio of businesses and projects for the government of Dubai, is asking for a delay on paying back billions of dollars in debt.

    The request has sent global stock, commodity and currency markets into a tailspin.

    Meanwhile, Dubai is already $80bn in debt and the cost of insuring the emirate - one of seven sheikhdoms forming the United Arab Emirates - against default on its loans has gone up again.

    It will now cost $670,000 to insure $10 million in Dubai debt for a period of five years.

    Al Jazeera's Aaron Chew looks at what's at stake.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.