Abu Dhabi leaves Dubai dangling over debts
It was inevitable really, considering the violence of Sheikh Mohammed’s protestations earlier in the month.
It seems that the other emirates, and Abu Dhabi in particular, may have grown tired of indulging Dubai’s reckless expansion after all. Despite Sheikh Mohammed’s vehement denial that Dubai would be left to sort out its own mess, additional help has [...]
The rise, fall and salvation of Dubai
The First Post has a great background piece on the rise and, much exaggerated, fall of Dubai.
It features a potted history of how Dubai became so wealthy and why the emirate chose to take the direction it did – because its oil resources were predicted to be exhausted by the 2020s for those who don’t [...]
Unemployed expats flee Dubai to avoid jail
Like rats abandoning a sinking ship, the Dubai exodus continues apace, much to the delight of the doom-mongering media which is stuffed with stories of expats streaming en masse back to their countries. This story from Digital Journal explores the reasons behind the stats and some unexpected side effects.
The recent spate of redundancies triggered by [...]
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 [...]