Fears that Dubai's debt problems are not limited to troubled state conglomerate Dubai World battered investor confidence in the world's top oil-exporting region and sent shares across the Gulf tumbling on Wednesday.
Investors have been left in the dark since the Gulf business hub announced on Nov 25 that it sought to delay payment on Dubai World debt while it overhauls the sprawling state firm, which builds and operates everything from ports to luxury flats.
While Dubai's government has tried to ring-fence profitable businesses from the $26 billion restructuring at Dubai World, its problems have led to credit downgrades on all government-linked firms amid investor fears that state aid would not be forthcoming in times of trouble.
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