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Desert storm may last long

the $3.52 billion of Islamic bonds, which are due on December 14. * Nakheel"s parent, Dubai World, a conglomerate controlled by the Dubai Emirate, has total liabilities of $59 billion. Including Dubai World"s liabilities, the Dubai emirate owes $80 billion to various agencies. * The debt rollover request by Dubai World has prompted ratings agency Moody"s to cut to below investment grade the ratings for Emaar Properties, the UAE"s biggest developer, Jebel Ali Free Zone, an operator of business parks , DIFC Investments and Dubai Holding Commercial Operations Group. * The ratings for DP World, West Asia"s biggest port operator and a subsidiary of Dubai World, and Dubai Electricity & Water Authority were lowered to Baa2, two levels above junk.

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