Word: dubai
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...weeks after Dubai stunned investors by requesting a standstill on $60 billion in liabilities belonging to its main corporate arm, Greece's downgrade is yet more evidence that the economic crisis is far from over. For countries left to fill gaping holes in their public finances exposed by the meltdown, there's plenty of pain still to come...
...African Union peacekeeping force in Somalia, AMISOM, put the death toll at 19, with dozens wounded. Among the dead were Education Minister Ahmed Abdulahi Wayeel, Health Minister Qamar Aden Ali and Higher Education Minister Ibrahim Hassan Addow. Two Somali journalists and a cameraman with Dubai-based Al Arabiya also died. Thursday's attack underscored the way in which the Islamic rebel groups in Somalia are adopting tactics perfect by al- Qaeda and its allies. Suicide bombings were rare in Somalia until recently, a fact that security experts say shows the influence - and training - al-Qaeda is bringing to the lawless...
...with $10 billion in support immediately after the global crash in 2008 and can be expected to do so once more; Abu Dhabi's ruling al-Nahyan family, as cautious as the al-Maktoums are daring, knows that it, too, will be dragged back by the demise of Dubai. A glance at the $600 billion-plus balance sheet of Abu Dhabi's sovereign wealth fund puts Dubai's debt crisis in a softer light. And, as far as Dubai's leaders are concerned, the problem is largely limited to egregious overborrowing by one company in one sector: Nakheel, the Dubai...
That remains to be seen, but the world cannot afford the failure of Sheik Mohammed. Whatever Dubai's excesses, this metropolis on the desert edge - not Cairo, Beirut, Tehran or Tel Aviv - has become the Middle East's crossroads of cooperation. In a region where conflicts still rage, Dubai has become a place where Arabs and others have learned to go to build a future together. In a 2007 speech to international business leaders, Sheik Mohammed chastised Arabs who preferred "to sit around waiting, praising our glorious past and blaming others for our failures and our problems." Instead, he said...
...feel sorry for the five British yachtsmen who set sail from the tiny Middle East state of Bahrain last week. First, a dodgy propeller apparently stalled their vessel's progress toward the nearby emirate of Dubai. Worse still, seemingly adrift in the Persian Gulf, their 60-ft. boat appears to have inadvertently coasted into the territorial waters of Iran. Duly halted by Iranian naval vessels on Nov. 25, the men - seasoned sailors who had planned to take part in a yacht race from Dubai the following day - were swiftly whisked into the uncertain fate of Iranian custody at a moment...