Post from December, 2009

Some Emiratis glad Dubai’s ambitious plans dented

Wednesday, 2. December 2009 20:15

By Andrew Hammond – Analysis

DUBAI | Wed Dec 2, 2009 4:02pm IST

(Reuters) – Dubai nationals were alarmed by the fallout from the emirate’s debt standstill, but many hope the crisis may stem the torrent of foreigners into the conservative Gulf Arab city, where locals are outnumbered ten to one.

The freewheeling emirate, one of seven that form the United Arab Emirates, sent jitters through global markets last week when it announced that one of its flagship developers had asked for a six-month repayment freeze on some debt. […]

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