Word: gulfs
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...crisis in a softer light. And, as far as Dubai's leaders are concerned, the problem is largely limited to egregious overborrowing by one company in one sector: Nakheel, the Dubai World subsidiary behind huge property projects like the Palm and the World, built on injected sand off the Gulf coast. "It will take a bit of time, but Dubai will come back," a Dubai insider told TIME. "It will come back stronger, because the crisis will help create a more sustainable model for the future...
...feel sorry for the five British yachtsmen who set sail from the tiny Middle East state of Bahrain last week. First, a dodgy propeller apparently stalled their vessel's progress toward the nearby emirate of Dubai. Worse still, seemingly adrift in the Persian Gulf, their 60-ft. boat appears to have inadvertently coasted into the territorial waters of Iran. Duly halted by Iranian naval vessels on Nov. 25, the men - seasoned sailors who had planned to take part in a yacht race from Dubai the following day - were swiftly whisked into the uncertain fate of Iranian custody at a moment...
...Dubai's problems stem from its huge - and hubristic - ambition. The Gulf emirate, which unlike the other emirates that join to form the U.A.E., has little oil or gas, and so has concentrated on building itself up as a vibrant business and transport hub and the home to some of the world's biggest, flashiest and most modern real estate. To lure in the masses, Dubai promoted itself as an income tax free resort for the world's rich and upper middle class. Dubai's master planners developed a signature over-the-top style geared to the tastes of newly...
...Since the global financial crisis hit, the more sober Gulf economies have fared relatively well. Not only is the Middle East less integrated into global financial market than other regions, but oil prices have risen again since their initial decline last year. Unlike Dubai, the oil economies of the Middle East have been more sober during the boom years, putting their money in massive infrastructure projects, building cultural institutions, and keeping big piles of cash on hand for a rainy day. Dubai may want to do the same...
...They were unbelievably limited in terms of resources,” Dudnik said of the researchers in the war-torn African nation. Starting at Harvard Medical School only reinforced how wide the gulf was between a lab in Cambridge and one in Cote D’Ivoire...