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The sweeping credit crunch has ripped through Dubai, A lifelike Arabic fairy tale built on sand, sending the emirate braving bitterly the worsening debt storms to prove to the world that all its ambitious blueprints are more than a fairy land and far from a mirage.
Shored up by optimism in China's economic outlook, China's major Shanghai stock index climbed 3.2 percent Monday as investors' nervousness over Dubai debt meltdown was also fading, analysts said.
Editor's Note
  • ·Dubai, an oasis in the Persian Gulf, has woken up to a debt crisis of its state-owned investment flagship Dubai World.
  • ·The state-owned conglomerate recently asked for a delay in repaying some of the $60 billion it owes to creditors, causing panic and concerns across the world.
  • ·Has the sun set on Dubai World? Will the crisis hamper the world economic recovery and spill over to the global financial sector? Or will it trigger another economic meltdown?

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