Dubai backed by UAE president as markets fall again

The president of the United Arab Emirates has moved to try to reassure the shaken nerves of investors.

Sheikh Khalifa bin Zayed al-Nahayan issued a statement saying the UAE economy was in good condition.

He also praised Dubai's leader, saying he managed daily "achievements". The Sheikh's comments come after almost a week of market turmoil.

It was sparked when Dubai World, Dubai's highest-profile company, said it would reschedule part of its debts.

BBC News

http://news.bbc.co.uk/2/hi/business/8387710.stm


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