(東亞運跆拳道銀牌 曾敬翔)
Recently news broke out of a debt crisis in Dubai, which is known as the "New New York".
This [transformed] this city [from] an oasis in the desert, for corporations and celebrities all over the world to rush towards, [into] a bomb which could create a serious impact to the economy.
Dubai is the second largest nation in the seven member nations of the United Arab Emirates.
In order to reduce its dependence on income from petroleum, it has been aggressively developing the banking, logistics, real estate, and tourism industries in recent years.
It's artificially constructed palm island has become a popular topic of discussion in tourism, while the Burj Al Arab Hotel had become the new benchmark for top grade hotels.
However, the financial tsunami has placed Dubai in a major crisis this time.
Recently a state-run financial group in Dubai, Dubai World, made a public announcement without any forewarning that they will be delaying their debt of nearly US$60 billion for six months.
As soon as this news [got out], stock markets dropped drastically all over the world.
Several days later, the Central Bank of the United Arab Emirates issued a statement saying that they are prepared to provide additional fund flow to local and international banks within the country.
The bank also emphasized that it will serve as a strong source of support for these banks.
Though the statement did not clearly point out that it would be offering Dubai financial assistance, it did indeed raise the level of confidence amongst investors and caused fairly good, small-sized rebounds in global stock exchanges.