Lex: Dubai

Stock markets in the United Arab Emirates fell sharply on Monday, as worries over defaults in the region's business hub of Dubai depressed sentiment and sent local and international investors heading for the exit. Meanwhile, Nakheel, the company at the centre of Dubai's financial woes, on Monday asked for all three of its sharia-compliant bonds worth $5.25bn to be suspended from trade "until it is in a position to fully inform the market" in its first statement to investors since last week's shock request from Dhubai World, its parent, for a bond payment to be delayed for six months. Richard Stovin-Bradford analyses Dubai's future as a financial centre.