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[30 Nov 2009 | Comments | 865 views]
Arabs lament Dubai woes as UAE stock markets slump in debt crash

Dubai and Abu Dhabi saw their main stock markets fall sharply today as they opened for the first time since a state-owned company in Dubai asked for extra time to repay its debt.

For many in the Middle East, the specter of Dubai’s towering promise tumbling down is a deep affront to regional pride.

“Oh Proud Emirates, with your golden sands and high sky,” said a reader on Emirat Al-Youm, “your men, women, children, elderly and wise people will not bow down or be humiliated.”