Finance Geek

A storm broke out last week, emanating from the part of the world that is widely seen as a major beneficiary of the rise in oil prices. Yet Dubai’s story is not about oil. Indeed it is precisely the absence of oil and natural gas (less than 6% of GDP) that prompted this emirate go down the path of tourism, hospitality, and commercial real estate development, that lies at the heart of the matter now.
Perhaps it is another case of being tricked by randomness, butit does look the financial crisis in Dubai continues the Tower of Babel curse. Attempts to build the tallest building in the…

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This entry was posted on Sunday, November 29th, 2009 at 7:14 pm and is filed under RealClearMarkets. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.