No relief in sight for Gulf markets

DUBAI: Gulf markets tumbled again yesterday, taking no comfort from Dubai World's plan to restructure about $26 billion of its estimated $59 billion in liabilities, which appeared to calm global fears of contagion.

In a sign that concern among banks was subsiding, UAE interbank offered rates eased, with the 3-month rate falling to 1.90500 percent from Monday's 1.94125 percent fix.

Dubai and Abu Dhabi stocks fell about 6 percent on their second trading day since Dubai last week asked creditors of government-controlled conglomerate Dubai World and property arm Nakheel for a delay on debt repayments as a first step to restructuring.