Dubai: Monday, Monday

What will happen in Dubai on Monday? That’s when Nakheel’s $3.5 billion Islamic bond is due to mature. A full, timely repayment looks unlikely and creditors to the troubled property group, whose parent Dubai World last month announced its intention to restructure liabilities of $20 billion, haven’t agreed to the requested 6-month standstill. Yet, Monday doesn’t look like the crucial day. Under the terms of the bond prospectus, Nakheel will still have a 14-day grace period to find a resolution. ...