Nearly two years after it was forced to go cap in hand to neighbor Abu Dhabi for a bailout, a chastened Dubai has ringfenced vulnerable assets, forced banks to bolster reserves and deferred debt maturities.
A more modest approach to business -- in contrast with the excesses of its earlier model -- coupled with strengths in logistics and trade, and a growing focus on its own region, mean that Dubai's dreams of being a top financial center are still just about alive.
Luck certainly seems to be in its favor: the Gulf emirate has proven an oasis of calm amid the chaos of the Arab Spring, which saw rebellion in countries as far apart as Tunisia and Syria and, crucially, rival Bahrain.
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