Friday, December 11, 2009

A glittering palace that's built on shifting sands


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?"

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