The sweeping credit crunch has ripped through Dubai, A lifelike Arabic fairy tale built on sand, sending the emirate braving bitterly the worsening debt storms to prove to the world that all its ambitious blueprints are more than a fairy land and far from a mirage.
Shored up by optimism in China's economic outlook, China's major Shanghai stock index climbed 3.2 percent Monday as investors' nervousness over Dubai debt meltdown was also fading, analysts said.
