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Dubai stock market slumps again | Dubai stock market slumps again |
(8 minutes later) | |
Dubai's stock market fell by 6% on Monday on new worries about the size of the emirate's debt burden. | Dubai's stock market fell by 6% on Monday on new worries about the size of the emirate's debt burden. |
It came as Dubai's finance minister said the government would not sell any assets to help the emirate's investment vehicle, Dubai World, meet its debts. | It came as Dubai's finance minister said the government would not sell any assets to help the emirate's investment vehicle, Dubai World, meet its debts. |
Minister Abdulrahman al-Saleh added that the conglomerate might decide itself to sell some foreign assets. | Minister Abdulrahman al-Saleh added that the conglomerate might decide itself to sell some foreign assets. |
Dubai shares have had a torrid time since Dubai World said 10 days ago it wanted to stall payments to creditors. | |
Dubai World has some valuable assets, notably its ports business, which stretches to every continent in the world, including London's Tilbury Docks and France's Le Havre. | Dubai World has some valuable assets, notably its ports business, which stretches to every continent in the world, including London's Tilbury Docks and France's Le Havre. |
Casino Mirage | Casino Mirage |
Other items in its wide-ranging investment portfolio include the luxury retailer Barney's of New York, a list of high-end US hotels, and stakes in the Las Vegas casino operator MGM Mirage. | Other items in its wide-ranging investment portfolio include the luxury retailer Barney's of New York, a list of high-end US hotels, and stakes in the Las Vegas casino operator MGM Mirage. |
It also owns the Canadian acrobatic circus franchise, the Cirque du Soleil. | It also owns the Canadian acrobatic circus franchise, the Cirque du Soleil. |
But Mr Al-Saleh said it was too early to speak about specific plans for the company's restructuring. | But Mr Al-Saleh said it was too early to speak about specific plans for the company's restructuring. |
Shares in Dubai finished Monday trading at their lowest level since 22 July. | Shares in Dubai finished Monday trading at their lowest level since 22 July. |