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| Version 1 | Version 2 |
|---|---|
| Dubai shares continue to tumble | Dubai shares continue to tumble |
| (about 2 hours later) | |
| Dubai's stock market has fallen for the second consecutive day on continuing fears about leading companies' ability to repay debts. | Dubai's stock market has fallen for the second consecutive day on continuing fears about leading companies' ability to repay debts. |
| The main Dubai Financial Market index fell 6.1%, after closing down almost 6% on Monday. | The main Dubai Financial Market index fell 6.1%, after closing down almost 6% on Monday. |
| Two weeks ago, Dubai World asked for a six-month delay on debt repayments. Credit agencies have since downgraded many leading Dubai companies. | Two weeks ago, Dubai World asked for a six-month delay on debt repayments. Credit agencies have since downgraded many leading Dubai companies. |
| The Dubai index has now fallen by more than 20% since the extension request. | The Dubai index has now fallen by more than 20% since the extension request. |
| Tuesday's plunge was led by real estate developer Emaar Projects, which fell by 9.8%. | Tuesday's plunge was led by real estate developer Emaar Projects, which fell by 9.8%. |
| Valuable assets | Valuable assets |
| One of Dubai World's first major repayments to bondholders in its property firm Nakheel is due next week. | One of Dubai World's first major repayments to bondholders in its property firm Nakheel is due next week. |
| "Until there is some clarity in debt restructure, there won't be any serious buyers [of shares]," said Julian Bruce at EFG Hermes Holding in Dubai. | "Until there is some clarity in debt restructure, there won't be any serious buyers [of shares]," said Julian Bruce at EFG Hermes Holding in Dubai. |
| "The closer we get to the Nakheel deadline with no news, the worse it will be." | "The closer we get to the Nakheel deadline with no news, the worse it will be." |
| Dubai World has some valuable assets, notably its ports business, which includes operations based at London's Tilbury Docks and France's Le Havre. | |
| 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 the Canadian acrobatic circus franchise, Cirque du Soleil. | 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 the Canadian acrobatic circus franchise, Cirque du Soleil. |