Market trauma was caused by the news of Dubai today. FTSE showed biggest one day fall since March (3.2%). Bank stocks got hit with investor fears over "emirate exposure".
Equities and riskier currencies suffered as Dubai World, state-owned holding company, announced delayed repayment of the company's $59bn liabilities. In addition, glitches on LSE meant trading did not start until 2pm.
Dubai is one of the 7 emirates in the UAE. 75% of population is expatriates. It has the world's first 7 star hotel, the Burj al Arab, 20 km south of Dubai. It is designed to resemble the sails of an Arabian dhow and features an underwater themed restaurant, the Al Mahara (mainly seafood, the name Al Mahara means oyster) which serves Green pea Gazpacho (a cold Spanish, raw vegetable soup).
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