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Dubai: No lessons learned 15, December 2009

Posted by thegulfblog.com in The Emirates.
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There’s a peach of a post over at Suq Al Mal discussing an absurdly triumphal editorial in a Dubai newspaper.

One would have thought that recent events would have resulted in a bit of introspection and restrained behavior.  Unless of course one was familiar with the region.
Today’s Khaleej Newspaper (Dubai) has a lead article entitled “We Can Do It”. Here is the first paragraph.
“GLOBAL crisis or not, Dubai has done it again. It has once again shown the world, beyond doubt, its ability and willingness not only to meet its obligations but any challenge to its unrivalled status as the most dynamic global financial and trading hub in the Gulf region.”
I’m not sure precisely what Dubai has done.
As I understand things, the kindly Shaykh up the road has sent around US$10 billion to be used to settle Dubai’s debts.  And Dubai is mailing the check.   How that shows ability is beyond me.  And how living off the kindness of strangers beats back challenges to a postulated “unrivalled status” also escapes me.
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Comments»

1. Abu 'Argala - 15, December 2009

Thanks for the kind words.

Nor in the “developed” West either it would appear.


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