The global financial crisis was bad enough for Dubai, with its real estate exposure and heavy debt burden. The regional political crisis is proving equally troubling.
Dubai’s stock market fell another 1.6 per cent on Thursday, ending the week at seven-year lows amid growing turmoil in the Arab world. The index has fallen 16 per cent since unrest reached the oil-rich Gulf two-and-a-half weeks ago. But Dubai has a history of coming out of crises relatively unscathed.
In fact, problems for its neighbours prove to be a boon for the outward-looking emirate. Certainly, Dubai is unlikely to face protests of any significance.
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