HOW THE DUBAI CRISIS UNFOLDED
Friday 20 November
Upheaval in Dubai’s financial elite begins as three key figures are removed from the state’s holding company, the Investment Corporation of Dubai. One of those to go is Sultan Ahmed bin Sulayem, chairman of Dubai World.
Sunday 22 Nov
Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, arrives in London on a state visit to the UK. He meets with the Queen, the foreign secretary David Miliband, and discusses the global economic
downturn in a meeting with Prime Minister Gordon Brown.
Wednesday 25 Nov
The government of Dubai announces it is raising $5bn from two Abu Dhabi banks. Two hours later, another announcement follows asking for a standstill agreement on Dubai World’s debt.
Thursday 26 Nov
Global markets slump on fears that Dubai’s problems may spread to other markets. Bondholders begin to mull legal action to recover assets.
Friday 27 Nov
The Islamic holiday of Eid al-Adha is in full swing but advisers at Deloitte continue work on assessing the full extent of Dubai World’s problems.
Saturday 28 Nov
Officials in Dubai and Abu Dhabi hold crisis meetings throughout the weekend on how to tackle the problem. Abu Dhabi says there is no guaranteed bail-out for all of Dubai’s debts.
Sunday 29 Nov
The United Arab Emirates’ central bank acts to quell panic among depositors, offering banks in the region a special credit facility.
Monday 30 Nov
Markets are braced for another turbulent day.