|World Focus: 'Dubai dream' is over as the bubble bursts|
Monday, December 07 @ 17:48:22 UTC
|By Simon Assaf|
December 01, 2009 - socialistworker.co.uk
Dubai, the once-gleaming playground of the rich, has become the latest victim of the global financial chaos. Its powerful investment arm, Dubai World, is close to bankruptcy, and its fate dependent on the largess of other Arab governments.
The emirate of Dubai is part of a federation of seven small monarchies that make up the United Arab Emirates (UAE). These grew rich on oil and gas dollars.
But unlike its neighbours, Dubai’s oil soon ran out. So its “visionary” ruler set out to turn the desert kingdom into the financial hub of the Middle East and a global financial player—with investments that include the giant Thames Gateway port in Britain.
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