From WSJ: This city-state’s announcement last week that it would seek to delay debt payments represents the latest in a string of troubles for its ruler, Sheik Mohammed bin Rashid Al Maktoum, and a coterie of economic advisers struggling with the fallout of the global economic crisis.
Over the last several decades, Dubai’s debt piled up as government-related companies borrowed to fund development at home and acquisitions abroad, to extend the emirate’s wealth and international reach…………………………….Full Article: Source