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The world’s tallest building, the Burj Khalifa, has opened in Dubai. Chairman of the Australia Arab Chamber of Commerce and Industry (AACCI) Ray Najar said it was testament to the underlying economic strength and internal political cohesion of the United Arab Emirates. Najar confirmed that the UAE was still a sound market for Australian businesses [...]
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The European financial markets took a nosedive overnight, exacerbating earlier losses as traders hesitated due to concerns about the Dubai crisis and another credit downgrade for Greece. “It is apparent that Dubai’s issues are not yet properly assessed, let alone dealt with,” said David Morrison, analyst with trading firm GFT. “On top of this, Greece’s [...]
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Dubai, until recently one of the most prosperous nations of the United Arab Emirates, has fallen into economic trouble. The state-owned company Dubai World has requested an extension to its debt repayment of US$59 billion, an amount representing almost three quarters of the debt of the entire emirate. The Dubai Government last week sought a [...]
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