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DUKAS_13439871_REX
RICHARD BRANSON PHOTOCALL AT THE 'GREAT BRITAIN SECTION' OF THE WORLD ISLANDS DEVELOPMENT, DUBAI, UNITED ARAB EMIRATES - APR 2006
Mandatory Credit: Photo by Steve Bell / Rex Features ( 581625i )
People carrying a red phonebox on the beach.
RICHARD BRANSON PHOTOCALL AT THE 'GREAT BRITAIN SECTION' OF THE WORLD ISLANDS DEVELOPMENT, DUBAI, UNITED ARAB EMIRATES - APR 2006
(FOTO:DUKAS/REX)
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SKI DUBAI INDOOR SKI RESORT, DUBAI, UNITED ARAB EMIRATES - APR 2006
Mandatory Credit: Photo by Matt Phelvin / Rex Features ( 581902e )
Main Slope, Dubai, United Arab Emirates
SKI DUBAI INDOOR SKI RESORT, DUBAI, UNITED ARAB EMIRATES - APR 2006
(FOTO:DUKAS/REX)
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DUKAS_4726609_REX
SKI DUBAI INDOOR SKI RESORT, DUBAI, UNITED ARAB EMIRATES - APR 2006
Mandatory Credit: Photo by Matt Phelvin / Rex Features ( 581902c )
Main Slope, Dubai, United Arab Emirates
SKI DUBAI INDOOR SKI RESORT, DUBAI, UNITED ARAB EMIRATES - APR 2006
(FOTO:DUKAS/REX)
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DUKAS_4726608_REX
SKI DUBAI INDOOR SKI RESORT, DUBAI, UNITED ARAB EMIRATES - APR 2006
Mandatory Credit: Photo by Matt Phelvin / Rex Features ( 581902b )
Main Slope, Dubai, United Arab Emirates
SKI DUBAI INDOOR SKI RESORT, DUBAI, UNITED ARAB EMIRATES - APR 2006
(FOTO:DUKAS/REX)
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DUKAS_12191498_REX
PALM ISLAND OFF JUMEIRAH BEACH, DUBAI, UNITED ARAB EMIRATES - 08 DEC 2005
Mandatory Credit: Photo by Rex Features ( 565316d )
Palm Island, Dubai, United Arab Emirates
Dubai Finally Joins Global Economic Downturn
DUBAI FINALLY JOINS GLOBAL ECONOMIC DOWNTURN
Stocks around the world tumbled for the second day after Dubai World announced it was asking creditors to delay paying back its $60 billion (GBP 36.8bn) debt.
Dubai World is the emirate's main development engine that financed the construction of the mammoth coastal Palm Islands development (such as the famous Palm Jumeirah), and the World Islands, as well as managing many of the emirate's transport, logisitics and leisure industries.
The news triggered fears of a massive default and a wave of heavy losses at banks and companies exposed to its debt that could cause more financial pain just as the global economy was starting to recover.
The emirate fuelled a building boom with cheap credit but has been hit hard by the downturn.
This latest risk to lenders comes just as the global economy is starting to recover from a painful recession, with major action taken to prop up banks worldwide.
MUST CREDIT PICTURES BY:
Rex Features Ltd.
For more information visit http://www.rexfeatures.com/stacklink/HGSQLDVEY (FOTO:DUKAS/REX)
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DUKAS_12191501_REX
MAN MADE ISLANDS PROJECT IN DUBAI, UNITED ARAB EMIRATES - 2004
Mandatory Credit: Photo by Rex Features ( 505365s )
'The Palm' Jebel Ali, 'The Palm' Jumeirah and 'The World' islands - A project developed by Nakheel, Dubai's leading real estate developer
Dubai Finally Joins Global Economic Downturn
DUBAI FINALLY JOINS GLOBAL ECONOMIC DOWNTURN
Stocks around the world tumbled for the second day after Dubai World announced it was asking creditors to delay paying back its $60 billion (GBP 36.8bn) debt.
Dubai World is the emirate's main development engine that financed the construction of the mammoth coastal Palm Islands development (such as the famous Palm Jumeirah), and the World Islands, as well as managing many of the emirate's transport, logisitics and leisure industries.
The news triggered fears of a massive default and a wave of heavy losses at banks and companies exposed to its debt that could cause more financial pain just as the global economy was starting to recover.
The emirate fuelled a building boom with cheap credit but has been hit hard by the downturn.
This latest risk to lenders comes just as the global economy is starting to recover from a painful recession, with major action taken to prop up banks worldwide.
MUST CREDIT PICTURES BY:
Rex Features Ltd.
For more information visit http://www.rexfeatures.com/stacklink/HGSQLDVEY (FOTO:DUKAS/REX)
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DUKAS_19115837_REX
Prince Charles and Princess Diana tour of the Gulf States - 1989
Mandatory Credit: Photo by David Levenson / Rex Features ( 156343f )
Princess Diana in Abu Dhabi, United Arab Emirates
Prince Charles and Princess Diana tour of the Gulf States - 1989
(FOTO:DUKAS/REX)
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Queen Elizabeth II retrospective
Mandatory Credit: Photo by Reginald Davis / Rex Features ( 918888bc )
Queen Elizabeth II taken by surprise in the Jumeirah Palace in Dubai
Queen Elizabeth II retrospective
(FOTO:DUKAS/REX)
DUKAS/REX