| From Economist: You may have thought that if anywhere would be insulated from the financial chaos, it would be Dubai, the ritzy commercial capital of the oil-rich Gulf. Not so. Events across the world are causing pain there too, even though much of the emirate’s cash has not made its way to the banks; it is held by ruling families and in their sovereign wealth funds.
Dubai’s oil revenues are small. Sheikh Muhammad bin Rashid al-Maktoum, the energetic ruler of the second largest emirate of the seven that make up the United Arab Emirates (UAE), has chosen to diversify, especially into real estate, as his way forward. Investors in Dubai property have done well in recent years, enjoying returns of roughly 80% since early last year..... Full Article: Source
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