Dubai shares continue to decline
Shares on Dubai’s stock market have declined for the second day in a row as the fallout of the financial worries surrounding Dubai World continues.
The Dubai Financial Market index was down 6.1 per cent at the close of trading today (December 8th).
According to the Financial Times, the drop - which saw the index finish on 1,638.05 points - has taken it to a 21-week low.
Among the biggest fallers were Emirates NBD and Emaar, while talks involving a number of major banks that act as creditors for Dubai World - including RBS, HSBC and Standard Chartered - are currently underway.
However, Dubai World, which is the parent company of Nakheel, is not expected to be able to show its creditors a debt restructuring plan until the first quarter of 2010.
The firm announced in late November that it is looking to freeze repayment of its debts, a move that had an adverse knock-on effect on stock markets around the world.
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