Dubai silence not golden as debt looms, UAE Conglomerates
Dubai’s state-related entities borrowed billions during the boom to buy name brand assets abroad and build iconic landmark projects at home in the hope that investors would come.While the high-leverage model was sustainable during healthy economic times, the global financial crisis has seen property prices fall more than 50 percent in Dubai and the value of many of the emirate's assets abroad fall sharply.“Dubai has virtually no oil. Real estate was seen as the big revenue generator and that’s just about dead. They borrowed billions. They need to tell us how they plan to service this debt," an economist in London told Maktoob Business.
This article only proves that my observation (in Chinese) on Dubai was right; at least I share the same opinion with cool-headed media reports.
這篇報導證明我先前對杜拜的觀察是對的，至少跟腦筋清楚的媒體報導一樣。
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