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HOW THE DUBAI CRISIS UNFOLDED

<strong>Friday 20 November<br /></strong>Upheaval in Dubai&rsquo;s financial elite begins as three key figures are removed from the state&rsquo;s holding company, the Investment Corporation of Dubai. One of those to go is Sultan Ahmed bin Sulayem, chairman of Dubai World.<br /><br /><strong>Sunday 22 Nov<br /></strong>Dubai&rsquo;s ruler, Sheikh Mohammed bin Rashid al-Maktoum, arrives in London on a state visit to the UK. He meets with the Queen, the foreign secretary David Miliband, and discusses the global economic<br />downturn in a meeting with Prime Minister Gordon Brown.<br /><br /><strong>Wednesday 25 Nov<br /></strong>The government of Dubai announces it is raising $5bn from two Abu Dhabi banks. Two hours later, another announcement follows asking for a standstill agreement on Dubai World&rsquo;s debt.<br /><br /><strong>Thursday 26 Nov<br /></strong>Global markets slump on fears that Dubai&rsquo;s problems may spread to other markets. Bondholders begin to mull legal action to recover assets.<br /><br /><strong>Friday 27 Nov<br /></strong>The Islamic holiday of Eid al-Adha is in full swing but advisers at Deloitte continue work on assessing the full extent of Dubai World&rsquo;s problems. <br /><br /><strong>Saturday 28 Nov<br /></strong>Officials in Dubai and Abu Dhabi hold crisis meetings throughout the weekend on how to tackle the problem. Abu Dhabi says there is no guaranteed bail-out for all of Dubai&rsquo;s debts. <br /><br /><strong>Sunday 29 Nov<br /></strong>The United Arab Emirates&rsquo; central bank acts to quell panic among depositors, offering banks in the region a special credit facility.<br /><strong><br />Monday 30 Nov<br /></strong>Markets are braced for another turbulent day.