I used to live in Dubai, back in the day, well before the Maktoum family decided to gamble their fortunes on speculative real estate.
By Daniel at 26 November, 2009, 10:03 am
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I would think that there’s a lot more to this story than a simple default caused by the Dubai real estate crash (down 50% in less than a year, friggin amazing eh?). The Maktoums have already received one bail out from the al-Nahyans, in return for ceding complete control of the UAE over to Abu Dhabi. Maybe something went wrong with the deal because a few billion to prevent a sovereign default is pocket change to the al-Nahyans.
Unless Abu Dhabi is worried about it’s own future and can’t spare the cash? Unlikely, but anything is possible. The Arab tribal leaders who run the emirates have their own agendas, so don’t be surprised if this is miraculously dealt with at the last minute.
Anyhoo a great place to live if you have the money. Alcohol, drugs and women aplenty. No taxes to pay, great climate except in the summer when it can hit 140 in the shade. I remember visiting Abu Dhabi when the old man, Zayed bin Sultan al-Nahyan, returned from John Hopkins with a new kidney. Everyone out on the streets to celebrate, young men in their landcruisers driving past shooting their AK47s in the air in celebration lol. Oh I could tell you some stories about the emirates.
- capncaveman
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