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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 would stall on payments to creditors. 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 MirageCasino 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.