New normal may be here to stay for Gulf economies | The National:
"In 2009, at the height of the global financial crisis, The Economist published an article on the local version of that accelerating drama, soon after Dubai World had announced plans for a “standstill” on some of its debt repayments.
In marked contrast to some of the hysterical headlines from the western press, the headline was “Standing still, but still standing”.
It was not written by Simon Williams, then the Dubai-based chief Middle East economist for HSBC, who had left The Economist a few years earlier, but could well have been. His work for the bank in the dark days of 2009-10, when there was a serious threat to the financial well-being of heavily indebted Dubai, was characterised by a readiness to tell the story like it was, negatives and all, but from a fundamental position as a believer in the basic economic story of the Emirates."
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