MGM Mirage (NYSE:MGM): Chairman and Chief Executive Officer James Murray said the company’s $8.5 billion CityCenter development with Dubai World is fully funded and protected against any potential default by its partner. Dubai World asked creditors for permission to delay payments on much of its debt. Abu Dhabi, Dubai’s oil-rich neighbor, will “pick and choose” which of Dubai’s assets to underwrite, citing an unidentified Abu Dhabi official. Abu Dhabi won’t fund all of Dubai’s debt, the official said, according to Reuters. Markets around the world have been roiled since Dubai World, with $59 billion of liabilities, said Nov. 25 it was seeking to delay debt payments.
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Dubai's debt crisis rattled world financial markets Friday, raising concerns that some banks could further tighten lending and stall the global economic recovery. The possible spillover effects centered on fears that international banks could suffer big losses if Dubai's investment arm defaulted on its $60 billion debt. Stock and commodity markets tumbled in New York, London and Asia as investors flocked to the U.S. dollar as a safe haven. But earlier concerns that the crisis might trigger another financial meltdown seemed to ease after some analysts downplayed the risks for U.S. banks, which are thought to have little exposure to the Middle Eastern city-state. U.S. stocks fell sharply but rebounded from their lows as investors concluded that the damage might be contained. The Dow Jones industrial average lost about 155 points, or roughly 1.5 percent, in a shortened trading day, and other stock averages also sank. Oil prices plunged as much as 7 percent before recovering some ground later in the day. "I don't think the collateral damage is going to be that great," said Jeffrey Saut, chief investment strategist at Raymond James. "People will dig into this over the weekend, but I think balance sheets have healed enough to withstand a shock like this." MGM MIRAGE™ is a collection of resort-casinos, residential living and retail developments providing unsurpassed service and amenities to every guest.
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