Dubai: No blood on the floor

Borse Dubai is urgently trying to secure $2.5bn. The exchange operator needs the money to help refinance a loan, maturing in two weeks, used to acquire Nordic exchange operator OMX in 2008. This is the first quasi-sovereign entity in debt-laden Dubai to look for funds this year, so Borse Dubai’s efforts are being seen as a key litmus test for the emirate. This refinancing is far from the last for Dubai. The emirate, which has almost no oil or gas exports, accounts for almost half the $33bn need...