Feb. 1 (Bloomberg) — Dubai Airports, the government-owned airfield operator, plans to seek approval for expansion plans costing “billions of dirham,” undeterred by the emirate’s need for a $20 billion bailout last year.
The company will make a recommendation on boosting capacity within the next few months, Chief Executive Officer Paul Griffiths said today in an interview [...]

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Dubai was supposed to be a new model for economic development in the Persian Gulf, and in the world. And like so many recent “new models,” Dubai is proving to be a lemon.
The theory was that Dubai would be a competitive, free oasis in a region generally hostile to the open market. Lacking oil resources [...]

Bank failures, Dubai, lehman Hide

The engine of the black Corvette revved to a gasket-popping roar. Its driver leant out of his window. He was dressed in traditional Arab robes but wore a rubber wizard’s mask. He held an aerosol aloft and directed a jet of party foam into the air. Four-wheel drives plastered in pictures of Dubai’s Royal Family [...]

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ONE of the biggest events in the Muslim calendar, Eid al-Adha, which begins this weekend, is supposed to be a festival of sacrifice. On November 25th investors in Dubai were given an early chance to get into the spirit of things. The emirate’s government asked creditors of Dubai World, one of three big government-backed conglomerates, [...]

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By Emma Thelwell, ninemsn Money
Brad Pitt, Angelina Jolie and David Beckham are set to lose millions on their luxury homes in Dubai, as the emirate’s debt spirals out of control leaving the future of the housing market hanging in the balance.
Stock markets across the globe tumbled last night after Nakheel, a subsidiary of Dubai’s main development [...]

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Patrick Hosking and David Robertson, Times UK
Fears of a dangerous new phase in the economic crisis swept around the globe yesterday as traders responded to the shock announcement that a debt-laden Dubai state corporation was unable to meet its interest bill.
Shares plunged, weak currencies were battered and more than £14 billion was wiped from the [...]

Bank failures, Dubai Hide