D-Day nears for Dubai's $3.5 billion debt hurdle

DUBAI (Reuters) - Heavy rain pounded Dubai on Sunday adding to the gloom of the emirate’s debt woes a day before the deadline of the $3.52 billion bond by state-owned developer Nakheel, with no word on how it will be handled. Dubai’s stock market did soar for a second consecutive session on Sunday as traders reacted to a surge in Nakheel’s bond price last week on mounting speculation it will repay

[maconn]

In addition, fears that Dubai's debt problems are not limited to the state-linked firm has already battered investor confidence. In February, Borse Dubai has $2.5 billion of debt maturing, while Dubai ruler's own firm Dubai Holding will face almost $1.9 billion of debt repayments in the first half o