"I've said from when it hit that the global financial crisis was the best thing that could have happened to Dubai.
While the real economy - the trading, dealing, manufacturing, re-exporting - was ticking along quietly in the background the property development sector went bananas and threatened to destroy Dubai.
Ridiculous projects, far too many all at the same time, were planned and many started. The worst culprit in my opinion was the the developer Nakheel. That's the company which built Jumeirah Palm Island and The World Islands, and had two more even bigger palm islands under way at the same time, plus the 75 km long Arabian Canal and dozens of other projects."
'via Blog this'
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