http://uk.reuters.com/article/idUKTRE5B71WL20091208
Leading lenders met Dubai World on Monday to negotiate over a $3.5 billion (2.1 billion pound) sukuk, the world's largest, issued by Dubai World subsidiary Nakheel, builder of Dubai's palm-shaped islands.
That bond is scheduled to be repayed on December 14, in less than a week, but longer term creditors also face a request for a six month standstill on $26 billion of debt.
A banker close to the discussions said Dubai World had not yet shown the creditors a proposal.
"You've got to think these guys are either very clever or don't know what they are doing," the banker said
Most probably the latter, I guess 
quoting: "You've got to think these guys are either very clever or don't know what they are doing," the banker said"
This would be a banker who invested billions in a property company that actually admitted in its prospectus that it was not supported by sovereign debt, had no track record, would never publish financial statements and had a business model based on ever increasing house prices and used unproven new technology.
Now run past me again who is the clever one?
It seems as if there are parallel universes in Dubai! Reading some postings it's like Dubai is grinding to a halt and in others people are quite upbeat and life carries on as normal. I don't know what to think any more - hopefully it's somewhere in between!