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Thursday 21 November 2013
Dubai: It’s bouncing back | The Economist
Dubai: It’s bouncing back | The Economist:
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HIS may not be the last laugh, but Sheikh Mohammed bin Rashid al-Maktoum is certainly laughing loudly. Four years ago his high-flying emirate, Dubai, crashed in the wake of the world slump. Its property prices plunged by nearly 60%. A giant sand-dune of debt, worth at least $100 billion, looked set to suffocate the shiny city-state. “Bye Bye Dubai,” gloated the Daily Mail, a British newspaper, as Sheikh Mohammed humbly bargained for a bail-out from Abu Dhabi, Dubai’s neighbour and rival whose oil riches anchor the federation of seven statelets which make up the United Arab Emirates (UAE)."
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