Unified currency, Dubai debt woes to top GCC summit: Kuwait official

    CAIRO, Dec. 12 (Xinhua) -- Ratification of a monetary union agreement as well as Dubai debt woes will top the agenda of the 30th Gulf Cooperation Council (GCC) summit due to kick off in Kuwait City on Monday, a Kuwait official said.

    The six GCC member states are keen on going ahead with the monetary union, which will help facilitate internal trade and promote cooperation, Kuwaiti ambassador to Egypt Rashid al-Hamad said in a recent interview with Xinhua. Full story

Dubai stock market sees strong recovery after official's speech

    DUBAI, Dec. 10 (Xinhua) -- Dubai stock market rebounded strongly Thursday after a top government official criticized global media for creating panic with "inaccurate reports" on the state-owned conglomerate Dubai World.

    After losing 27 percent of value during the last two weeks, the Dubai Financial Market (DFM) was boosted by bargain hunting. The DFM Index gained 7 percent straight and closed at 1,640.76 points on the last day before the Islamic weekend. Full story

UAE stock markets continue to slump on Dubai World concerns

    ABU DHABI, Dec. 8 (Xinhua) -- Stock markets in the United Arab Emirates (UAE) plunged in free fall Tuesday due to increasing selling pressure as a result of Dubai World's debt issue, a local newspaper reported.

    The Dubai Financial Market (DFM) index fell 6.22 percent as of 1:00 p.m. (0900 GMT) to 1,636.22, while in Abu Dhabi, the index fell 3.22 percent to 2541.10, Gulf News said on its website. Full story

Dubai to fulfill commitments inside UAE, abroad: official

    ABU DHABI, Dec. 7 (Xinhua) -- The Dubai government is capable of honoring and meeting its commitments inside and outside the United Arab Emirates (UAE), a senior official said Monday.

    A distinction should be made between the Dubai government and Dubai World, one of Dubai's largest and most important conglomerates, Abdul Rahman Al Saleh, director general of Dubai Finance Department, told al-Jazeera TV, according to the official news agency WAM. Full story

Dubai crisis rings bells of prudent investment

File photo shows Kuwaiti traders follow the market's movement at the Stock Exchange in Kuwait City Dec. 1, 2009. (Xinhua File Photo/Noufal Ibrahim) Photo Gallery>>>

    JERUSALEM, Dec. 6 (Xinhua) -- Until last month, Dubai was acclaimed worldwide as an exotic Manhattan on the sea, with huge skyscrapers towering in desert sands alongside golden beaches crowded with stunning hotels and upscale shopping malls.

    Unsurprisingly, news of the financial collapse of the emirate's key construction firms came as a shock to many, but as far as regional economists were concerned, the Dubai bubble had been ready to burst for some time. Full story

Special Report:  Global Financial Crisis