The Dubai development model has been seriously bruised and battered. It was predicated on a property play that turned into a bubble that burst. It was based on leverage aided by ample international liquidity during the heyday of the pre-financial crisis.
The aggressive building boom helped place Dubai on the world map. It should be no surprise to Dubai’s leaders that the world’s eyes are zooming onto them, since for many years Dubai lobbied the world for attention.
However, the Dubai corporate and decision-making elite have demonstrated a lack of transparency and candor during the past several days. They continue to deny the enormity of their city’s problems.
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