Dubai: Discontent in the desert

Credit markets were brought back to reality in November when it emerged that state-owned holding company Dubai World and two of its subsidiaries were struggling to meet their obligations to bondholders. Not for the first time the situation highlighted the danger of putting excessive faith in implicit government support.

Dubai is often described as a city built on oil. But unlike many of its neighbours in the United Arab Emirates, it has almost no oil. Neither does its money come from turrets

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