Dubai must feel a little like Mark Twain, these days. Upon reading his own obituary in the newspaper, Twain wrote: “The report of my death was an exaggeration.”
Dubai has had its share of obituaries as it suffers from a property bust and contagion from the global credit crisis. Headlines from Cairo to London to New York, laced with schadenfreude, proclaim its demise. Newsweek said simply: “Goodbye, Dubai.”
The emirate is certainly stumbling. Many of its state-owned entities drown in debt. Several high-profile property projects have wilted under tight credit, debt and corruption. Its stock market has been in free-fall. Many of its top officials, who once swaggered on the world stage, now skulk in denial.
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