UAE - Dubai - Surviving The Next Global Recession
The year 2009 was a watershed in the history of Dubai, a major tourist destination, financial center and logistical hub of the Middle East, when its debt-financed economic boom blew-up in the aftermath of the global financial crisis. The damage was contained with the intervention of the government of neighboring Abu Dhabi emirate which bailed out the government of Dubai and the business enterprises owned by its ruling family which were engaged in high stakes capacity-building financed with debt.
Ten years on, Dubai has not been able to fully recover from that episode as it