Word: dubai
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...Dubai, the Arab world's glittering, golden embodiment of capitalism, is broke. On Nov. 25, the emirate announced it would postpone payments on some of its $80 billion in debt, sending markets into a tailspin...
...While Dubai's origins are largely a mystery, what is now a Rhode Island--size principality on the Persian Gulf was just a pearl-fishing village when its current rulers, the Maktoum family, took over in 1883. Along with those of other Arab emirates, its fortunes changed abruptly in 1966 with the discovery of oil. But compared with its neighbors, Dubai had limited reserves, prompting its rulers to turn to other industries to fuel their bold economic aspirations. Starting in the 1980s, at the prompting of Sheik Mohammed bin Rashid al-Maktoum, then the crown prince, Dubai fashioned itself into...
Thanks to massive spending (and borrowing) by its state-owned development companies, Dubai was soon every inch the global financial center. It's home to the sail-shaped Burj al-Arab, the most expensive hotel in the world, and the unfinished 160-story Burj Dubai, the planet's tallest building. Its coastline has sprouted archipelagoes of man-made islands shaped to represent a date palm and a map of the world...
...gunman from the Mumbai attacks, was still struggling as a day laborer for a catering business in Lahore, according to his statement to Mumbai police. Fahim Ansari, who is on trial in Mumbai for providing maps and logistical help to the attackers, was working at a printing press in Dubai, waiting to be called up for his first session at an LeT training camp, according to a dossier on Ansari prepared by Indian authorities. Sabahuddin Ahmed, the other co-accused, was a Bangalore-based operative for LeT, according to his statement to police, but he allegedly spent the fall...
...Read "The Lesson of Dubai: The Crisis Is Not Over...