A leading state-owned firm in Dubai has announced it will be delaying debt repayments for six months, plunging markets into mayhem.
‘It wasn’t supposed to end this way’ blogs Mound of the Sound. ‘The Emirate of Dubai was supposed to be the playground of billionaires, not their graveyard.’ But for many inside Dubai who have been emailing the BBC, it still is.
‘I have full faith in the economy here, I strongly believe that it will gradually and steadily bounce back within the next 12-18 months’ writes Khaled.
Ex-pat Paul remains equally as optimistic.
‘It’s all over now, this a time for Dubai as a city to mature. This is a good thing, I am staying as I know Dubai will come back as a vibrant, successful and truly amazing place to live.’
Is it just Dubai’s turn to have a taste of the financial crisis? Or is this the first domino of a new crash just when the world thought things were getting better?
But Sohail in the UK believes Dubai got what was coming.
‘Whatever goes up also comes down. Dubai is a city built on slavery and crass capitalism. When expats working in Dubai are treated as second class citizens with no safety net whatsoever, they also have no qualms in leaving their liabilities behind and take the next flight back home. ‘
Do you agree with him – is Dubai getting what it deserves? Is this is the end of this Emirate’s dream?