November 28, 2009
Crisis in Dubai
In the news today is a financial crisis in Dubai. The Gulf emirate has been going gangbusters in real estate development for some time. When the news hit yesterday that it might default on billions of dollars worth of bonds coming due, the market dropped 150 points, and analysts are pondering the implications for the world economy. Like the U.S./global financial crisis of 2007-present, it seems to have generated in overhyped real estate speculation. Some links:
The Telegraph: If Countries like Dubai begin to fail, who will save them?
The Guardian: Dubai: A City Build on Sand
New York Times: Dubai Debt Woes Raise Fear of Wider Problem
Times of London: A Danger in Dubai
Business Week: Dubai's Desert Dream Ends
I'm sure we'll be hearing a lot more about Dubai and its financial and land development problems in the coming weeks.
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