Dubai World Crisis! How It All Started

• 1960s - Dubai first struck oil and the country's economy was quickly built on the back of the oil industry.
• 1990s - The emirate becomes less dependent on the oil sector as its financial services industry grew by a remarkable 12% per annum during the decade. International accountancy firms set up offices in Dubai, and it also become the home to dozens of national and locally incorporated international banks.
• 1999 December - The 202-suite Burj al-Arab, the world's tallest hotel, officially opens. The building floats on a man-made island and suites cost up to US$ 15,000 a night.
• 2000 - The UAE's first stock exchange, Dubai Financial Market, was opened.
• 2002 - Dubai's rise begins as the emirate-through its commercial arm Dubai World-Launches a massive infrastructure and construction drive to diversify from its oil based economy.
• 2003 - The importance of non-oil production continues to rise and constitutes about 93% of its GDP.
• 2004 - The Dubai International finance center was established to turn the emirate into major international hub for banks and finance.
• 2005 - Dubai completely opens up the financial sector to foreign banks.
• 2006 - Nakheel Group, Dubai World's real estate division, issues US$3.52 billion of islamic bonds-the largest dollar denominated USD sukuk that are due to mature on Dec 14, 2009. Dubai Islamic Bank raised the bonds in foreign currency (USD).
• 2008 - The start of global financial crisis stemming from the subprime mortgage issue in the US as well as credit markets. It halts economic progress around the world and puts an end to the property boom in Dubai.
• 2009 Feb - Abu Dhabi grants Dubai a US$10 billion loan, easing concerns that the emirate's companies will be unable to refinance debt.
• 2009Nov - In early November, Dubai's ruler Sheikh Mohammed Rashid al-Maktoum announces that he is proud of Dubai World and its "long-term commercial success", stressing that people who grouse about Dubai and Abu Dhabi should "shut up"
• Nov 25 - Dubai announces that it is seeking a six-month delay until May 2010 in paying creditors almost US$60 billion in debt held by state-owned Dubai World and its subsidiaries. That figure will come down to US$29 billion.
• Nov 26 - The US financial markets are closed for the Thanksgiving holiday, but financial market around the world shuddered, reflecting fears about the impact of a potential Dubai debt default.
• Nov 30 - The Dubai government announces it will not stand behind Dubai World. Nakheel also requests that all three of its sukuks traded on the Dubai stock exchange be suspended, including the US$3.52 billion sukuk which triggered the current crisis. Dubai's main stock exchange slides more than 7% and Abu Dhabi markets fall more than 8%.