The total debt of cash-strapped Dubai could be as much as 170 billion dollars, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank.

This could result in a default from real estate property firm Nakheel on $4.1 billion in sukuk (Islamic bonds).

http://uk.biz.yahoo.com/19012010/323/photo/property-giant-nakheel-default-4-1-billion-dollars-islamic-bonds.html?

http://www.google.com/hostednews/afp/article/ALeqM5iD24lBQsNXlQXMjk51XSkF3WTdtA

 

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