Dubai: The Dubai debt episode affecting the stock market everywhere is blown out of proportion says Dubai media and some business leaders. They rallied to support the Gulf Arab emirate’s efforts to weather its debt crisis.

The crisis began on Wednesday when Dubai, part of the United Arab Emirates federation, asked to delay payment on billions of dollars of debt issued by conglomerate Dubai World and its main property subsidiary Nakheel, developer of three palm tree-shaped islands that once attracted celebrities and the super-rich.

Riad Kamal, chief executive of Arabtec ARTC.DU, said he had no doubt
about Dubai’s commitment to settle its debt.

“Dubai should be given time to restructure its debt. I’m not going to
lose sleep over this issue,” he said.