| From Businessweek.com: A chill wind is blowing through the Gulf. Credit has dried up; stock exchanges have crashed; and the region's once-vaunted Sovereign Wealth Funds, set up to save for a future when oil reserves are exhausted, have instead sustained huge losses, potentially in the hundreds of billions of dollars.
The diciest situation is unfolding in the UAE, where the sheikhs of Dubai—the second-largest of seven emirates—are at last realizing that they need to call time on a decade-long, debt-fueled building and acquisition spree..... Full Article: Source
|