Who Will Be Hit Hardest by Dubai?

Talk about a sand trap. The announcement from the once-high-flying Mideast state Dubai that it needs to reschedule debt payments sent expected shockwaves through the global markets, starting in Asia and continuing to the U.S. market morning on Friday.

Stocks took a beating, as did crude oil prices, and just about everything under the sun -- except for laptops and flat screens on sale as part of the Black Friday lunatic-consumption-binge in the U.S.

Big bank lenders to Dubai and the United Arab Emirates, including the Royal Bank of Scotland(RBS Quote), HSBC(HSBC Quote) and Standard Chartered were throttled, as was the entire banking sector in the broad sell-off.

However, the implications from the Dubai sand-trap could spread across many players, sectors and slices of the economy, and it's still anyone's guess as to the true significance of the debt crisis. There is already talk that the problems in Dubai could serve as an emerging-markets contagion, harkening back to Argentina in 2000 and Russia in the 1990s.

Also noteworthy is the enormous ramp-up of the financial services and capital markets sector in Dubai during the past decade -- in particular, the creation of the Nasdaq Dubai -- and whether Dubai's ambitions to become a global exchange powerhouse may be thwarted. And oil, the ultimate lubricant of oil things Middle Eastern, took a huge hit on Friday morning: its short-term outlook is unfavorable with Dubai's crisis, when laid over an existing unfavorable supply/demand balance and renewed fears of a global slowdown.

Given all that, who do you think will suffer the most as a result of the new crisis? Take our poll below to learn the consensus of TheStreet.

Who do you think will suffer the most as a result of the new Dubai debt crisis?
	Bank Lenders Emerging Markets Nasdaq Dubai Oil Markets The Burj Dubai (the proposed world's tallest building)

-- Written by Eric Rosenbaum in New York

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