Has the sun set on Dubai World?

'The Sun Never Sets on Dubai World' -- screams a banner on the website of the state-owned flagship investment arm of Dubai, even as its inability to pay in time about $60 billion in debts continued to haunt the markets across the world.

"True to our claim -- The Sun Never Sets on Dubai World -- our investment portfolio extends across 100 different cities in the world," said a statement on the website of Dubai World, which is Dubai's flag bearer in global investments.

No surprise that the markets in almost all the countries witnessed the tremor's yesterday, and again today, when news came out about Dubai's debt burden mounting to such levels that it became difficult to pay back, at least on time.

"Dubai World intends to ask all providers of financing to Dubai World and Nakheel to 'standstill' and extend maturities until at least 30 May 2010," a brief statement from the Dubai government said.

This meant the government asking the banks to let its flagship firms hold back on their liabilities and with the two being state-owned entities, it led to fears that the government itself was in trouble, causing chaos the world over.

The only market that was spared yesterday was the US, thanks to a holiday on the occasion of Thanksgiving Day.