Dubai has long been known as a symbol of extravagance and a city where money could buy anything, but a daunting economic recession has been threatening the financial hub’s vitality.
Since the crisis began two weeks ago, Dubai continued to slide deep into financial trouble with its stock market losing 20 per cent of its value.
Dubai World, the government’s main investment and development company, has also started to sell its assets and deal with credit downgrades from global ratings agencies.
