Emirate’s carefully moulded plan welcomed

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As the credit crunch took its toll on Dubai in late 2008, Nakheel’s chief executive was asked if he was worried about the repayment of the property developer’s 2009 Islamic bond due a year later.

“Why would I? The world will be a very different place then,” replied Chris O’Donnell.

A year later, Dubai was different – but not in quite the way he expected.