A brief history of Dubai’s economy from the Gulf War to The Islands
The 1990 Gulf War had a huge impact on the city.
Initially, the banks of Dubai suffered a massive withdrawal of funds due to political uncertainty in the region, but as the 90s progressed many businesses, first from Kuwait, during the Gulf War, and later from Bahrain, during the Shia unrest, relocated to Dubai.
Dubai also provided [...]
The 1990s to today
The Persian Gulf War of 1990 had a huge impact on the city.
First Dubai’s banks suffered a massive withdrawal of funds due to the uncertain political conditions, but later many foreign trading communities from the region relocated their businesses to Dubai. Dubai provided refuelling bases to allied forces at the Jebel Ali Free Zone [...]
Dubai Formula One theme park delayed due to lack of funding
News emerged today that the Formula One theme park set to open at the end of the year within Dubai Motor City has been postponed due to a lack of funding.
The CEO of developers Union Properties said the unwillingness of banks to lend in the current economic climate had caused work on the $460 million [...]
Dubai government moves to stabilise economy
In response to growing fears about its economy, the notoriously secretive Government of Dubai has broken with tradition by disclosing details of its finances, merging and nationalising banks and financial groups and putting the brakes on its property market which many fear is on the brink of collapse.
The following figures were stated:
Dubai’s borrowings: $10 billion
Sovereign [...]