Dubai: World misunderstands crisis

Dubai's ruler says the emirate's economy is "strong and solid," despite a financial meltdown in the former Arab boomtown. Sheik Mohammed bin Rashid Al Maktoum says the world does not understand Dubai's announcement on restructuring the emirate's deeply indebted conglomerate, Dubai World.

The debt crisis dragged down the main stock markets in the UAE for a second day on Tuesday, and caused other markets in the Gulf to plummet. But, stock markets in Europe opened sharply higher on Tuesday, as fears about Dubai's debt problems eased.