September was an important month for Dubai, a time when schools reopened and the city could start counting how many of its expatriates, stung by the global financial meltdown, had departed.
To everyone’s surprise the classrooms were not empty and the exit from Dubai was not as dramatic as expected.
For many residents the city state might be burdened by an $80bn (€53.5bn, £48bn) debt – accounting for 100 per cent of gross domestic product – but, with a diversified economy and a more liberal culture than many of its neighbours, it remained the right place to be. The economic slowdown had even enhanced the lifestyle; it meant less traffic and fewer construction projects.
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