How Dubai’s burst bubble has left behind the last days of Rome – Times Online

Welcome to the modern equivalent of the last days of Rome. The failure of Dubai World, one of the Emirate’s flagship companies, to honour a debt due last month has rocked this city state to its foundations. By any conventional logic Dubai is now a busted flush.

Superficially there has been no change to life here in the days since the failure to pay up triggered financial carnage but nowhere does superficial as convincingly as Dubai.

The Emirate has been struggling for many months, and if you scratch the surface the pain in this new and gaudy metropolis is palpable. Ross, who asked not to be identified, is one of countless expatriates who have been caught out by the collapse in Dubai’s once-booming property market.

via How Dubai’s burst bubble has left behind the last days of Rome – Times Online.

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