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| Dubai shares fall for second day | Dubai shares fall for second day |
| (about 2 hours later) | |
| Shares on the main stock indexes in Dubai and Abu Dhabi have tumbled for the second day in a row. | Shares on the main stock indexes in Dubai and Abu Dhabi have tumbled for the second day in a row. |
| Both indexes were down about 6% after recording big losses on Monday. | Both indexes were down about 6% after recording big losses on Monday. |
| Dubai World has unveiled plans to restructure $26bn (£15.8bn) in debt, its first comment since the crisis began last Wednesday. | Dubai World has unveiled plans to restructure $26bn (£15.8bn) in debt, its first comment since the crisis began last Wednesday. |
| In a statement, the firm said that it "intends to adopt a policy of regular communication and will provide further updates as the process develops". | |
| The proposed restructuring process will only include its main property firms, but leave other companies, which it described as "on a stable financial footing", untouched. | The proposed restructuring process will only include its main property firms, but leave other companies, which it described as "on a stable financial footing", untouched. |
| Hassaim Arabi, chief executive at Gulfmena Alternative Investments said the statement was good news. | Hassaim Arabi, chief executive at Gulfmena Alternative Investments said the statement was good news. |
| "It shows they are still committed to their payments and it removes all fears that this is a complete default," he said. | "It shows they are still committed to their payments and it removes all fears that this is a complete default," he said. |
| Last week, Dubai World asked creditors for an extension on repaying its debts. The news sent markets around the world plummeting. | Last week, Dubai World asked creditors for an extension on repaying its debts. The news sent markets around the world plummeting. |
| On Sunday, the central bank of the United Arab Emirates (UAE) stepped in and announced a facility to provide banks with extra liquidity. | On Sunday, the central bank of the United Arab Emirates (UAE) stepped in and announced a facility to provide banks with extra liquidity. |
| The liquidity will be available to all UAE banks as well as foreign banks operating in the Emirates. | The liquidity will be available to all UAE banks as well as foreign banks operating in the Emirates. |
| On Monday, Dubai's government distanced itself from Dubai World's problems saying that it would not guarantee the company's debt. | On Monday, Dubai's government distanced itself from Dubai World's problems saying that it would not guarantee the company's debt. |
| "[Creditors] think Dubai World is part of the government, which is not correct," said finance minister Abdulrahman al-Saleh. | "[Creditors] think Dubai World is part of the government, which is not correct," said finance minister Abdulrahman al-Saleh. |