Global stock markets have breathed a sigh of relief after Abu Dhabi stepped in to prevent the financial collapse of its neighbour Dubai. The Central Bank of United Arab Emirates, based in Abu Dhabi, said it will support banks in the region to prevent a Lehman Brothers-style meltdown.
Brad Pitt and David Beckham are thought to be among those caught up in Dubai’s latest credit squeeze, as developer Nakheel has asked creditors for a six-month “standstill” on debt repayments totalling US$59 billion. The Dubai government has also called in accountants Deloitte to advise on restructuring the business, stoking fears that Nakheel will be unable to continue with the Palm Jumeirah, leaving one of Dubai’s landmark developments a construction site.
Dubai World Africa has acquired a major shareholding in the world-famous South African wildlife reserves Shamwari Game Reserve (pictured), Sanbona Wildlife Reserve and Jock Safari Lodge, members of the Mantis Collection.
Work on the Middle East’s tallest free standing air traffic control (ATC) tower is moving ahead of schedule in the United Arab Emirates as the world’s largest airport - Dubai World Central International Airport (JXB) - gets ready for operations next year.