Dubai’s new metro, launched by Sheikh Mohammed bin Rashid Al Maktoum, the emirate’s ruler. Although only 10 of 29 stations on the inaugural line were opened, the government hopes the Arabian peninsula’s first urban rail system will become the crown jewel of the city’s infrastructure

Dubai World, the state owner of troubled developer Nakheel, is trying to persuade bank creditors to restructure up to $12bn of its loans, an indication that the emirate is starting to grapple with the challenge of unravelling its $80bn-plus debt pile.