Is the world financial crisis rearing its ugly head again? Dubai World, the biggest state-owned conglomerate in Dubai, the second-biggest sheikhdom in the United Arab Emirates, has fallen into financial difficulties, and a few days ago asked its creditor banks for a half-year delay on repayments of nearly US$60 billion in debt. This move sparked fears among investors everywhere that the global financial crisis is heating up again and triggered big falls in European, American and Asian stock markets.