In November, the bubble burst, as Dubai World, the state-owned holding company involved in much of the construction boom, announced it could no longer service its debt. The company brought the country to its knees - almost literally, as Dubai was reduced to begging for a bailout. Abu Dhabi rode to the rescue, but as with America's rescued banks, it's far from clear whether Dubai's troubles are over.
DUBAI'S MIRAGE Anonymous American Conservative; Feb 2010; 9, 2; Docstoc pg. 4 Reproduced with permission of the copyright owner. Further
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