Dubai, the City of Gold, is not recession proof after all. This has become apparent after recent announcements that Dubaiâ€™s State owned holding company Dubai World is seeking a stay of execution for its whopping $4bn debt due to be repaid this month.
2005 was a devastating year for hurricanes along the American coast. Hurricane Katrina struck on 29 August, leaving a trail of destruction in its wake. This meant significant losses for insurers and property owners alike.