On November 25, Dubai shocked the world when it asked creditors for a six-month debt standstill for its conglomerate Dubai World and its property arm, Nakheel. It also announced that it would be restructuring $26 billion worth of debt in the company. The news left global markets plummeting, and prompted global media to predict the end of the glamorous city.

The emirate was saved from defaulting on Nakheel's $3.52 billion Islamic debt on December 14, after neighboring Abu Dhabi came to the rescue, offering $10 billion to Dubai on the day the sukuk matured.