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Essay / Research Paper Abstract
This 15-page paper discusses reasons why Dubai of the United Arab Emirates has forged a peaceful and profitable existence. Bibliography lists 7 sources.
Page Count:
15 pages (~225 words per page)
File: AS43_MTdubaipap.doc
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Unformatted sample text from the term paper:
part of the United Arab Emirates, didnt make news because it harbored terrorists or was the site of some extreme religious fanatic cult, however. Rather, Dubai garnered headlines because of
its request for a moratorium on debt repayment (Balasumbramanian 10). Though this had nothing to do with terrorism in the Middle East or attacks by Islamofacists on western interests, the
impact was just as volatile - financial markets worldwide plummeted (Balasumbramanian 10). It says a great deal that a nation-state, less than the size of Rhode Island, can push financial
markets into a panic, simply because it was close to defaulting on its debt. The cause of the failure was that Nakheel, a subsidiary of state-run real state developer Dubai
World, suffered losses of $3.64 billion because of the global economic meltdown (Balasumbramanian 10). During the real estate boom, it seemed as though
Dubai could do no wrong - thanks to easy credit and foreign capital, the emirate "built the worlds tallest buildings, most luxurious hotels . . . epitomizing the rewards of
international finance and becoming the crown jewel of the United Arab Emirates" (Balasumbramanian 10). At the last minute, UAE capital city and Dubai sometimes-nemesis Abu Dhabi ponied up conditional funds,
thus staving off what could have been a disastrous situation. A default on debt is certainly nothing to sneeze at and can have
serious repercussions. However, compared to the rest of the Middle East; much of which is embroiled in some kind of war or unrest, a potential default is almost peaceful by
comparison. Despite the overall negative perception of the Middle East as a violent, war-torn place, Dubai has managed to escape that role, becoming a center of trade culture (and as
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