Today in the Diplomatic Courier, analyst and contributor Rami Turayhi expressed doubt regarding recent proclamations of Dubai’s imminent failure, adding that the debt crisis may even bode well for the city-state’s future: “a more practical and demand-driven investment scheme is likely to shape the next decade or two of Dubai’s growth.”
While Turayhi does not deny Dubai’s dire financial situation—“to say Dubai overextended itself over the past decade is an understatement—he also calls the “21st century Dubai experience…a bold testament to the very rationale and allure of Western capitalism.”
Conglomerate Dubai World met with creditors today as part of a $26 billion debt restructuring.
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