Make no mistake,” a friend told me over lunch in Abu Dhabi a few months ago. “Everyone here knows Dubai’s in trouble, but this isn’t the new Lehman. Abu Dhabi will help them out but there will be a heavy price to pay. Dubai will soon be a suburb of Abu Dhabi.”
While global financial markets nervously await clarification of Dubai’s debt restructuring, the Emirates are alive with talk of political change. Abu Dhabi’s refusal to sign a blank cheque to underwrite Dubai Inc has shocked the world far more than it has shocked the region.
It has been common knowledge here for months that Dubai’s property investment business is on the ropes.… Seguir leyendo »