Our man in the Middle East finds Abu Dhabi's opulence undermined by the encroaching financial crisis
By Robert Fisk
".....But the Emirates are still not a modern state and matters are not settled by laws but rather "in front of the tent". Strategic decisions and control of money is kept inside the tent. People from outside – banks, for example – are asked to come and do the job. No, it's not "Goodbye Dubai". Foreign investors use the place primarily as a hub – and, I suppose, pub – from which to do business in India, Iraq, Saudi Arabia, Kuwait, Qatar. And if real-estate continues to sink, foreign companies – even the movie world – could find Dubai an even more attractive place to be based.
After all, didn't Hollywood make millions from Titanic?"
By Robert Fisk
".....But the Emirates are still not a modern state and matters are not settled by laws but rather "in front of the tent". Strategic decisions and control of money is kept inside the tent. People from outside – banks, for example – are asked to come and do the job. No, it's not "Goodbye Dubai". Foreign investors use the place primarily as a hub – and, I suppose, pub – from which to do business in India, Iraq, Saudi Arabia, Kuwait, Qatar. And if real-estate continues to sink, foreign companies – even the movie world – could find Dubai an even more attractive place to be based.
After all, didn't Hollywood make millions from Titanic?"
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