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Essay / Research Paper Abstract
A 6 page paper. In November 2009, Dubai announced the country could not pay its debts. This paper reports what happened and how much debt they were carrying. The paper comments on the country's debt restructuring plan. The writer identifies a number of risks associated with Dubai now and in the near future. Bibliography lists 6 sources.
Page Count:
6 pages (~225 words per page)
File: ME12_PGdbai.rtf
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Unformatted sample text from the term paper:
neighbors when oil was discovered in 1966 (Suddath 2009, p. 23). However, Dubai has a more limited supply of oil than most of the other Arab emirates in the region.
The rulers of this emirate decided to do something that continue to increase their economic status in the world. In the 1980s, Sheik Mohammed bin Rashid al-Maktoum, the crown prince,
changed things so that the country became a free-trade oasis (Suddath 2009, p. 23). In 2000, the rulers established Dubai Internet City, which is an InfoTech hub (Suddath 2009, p.
23). This was intended to attract technology companies to establish themselves in the emirate. This was quickly followed with maritime, media and finance projects to further attract investments in Dubai
(Suddath 2009, p. 23). The government owned most of these businesses. They spared no expense which caused them to borrow scads of money. However, Dubai became a global finance center
in addition to a technology center (Suddath 2009, p. 23). Trade laws were liberal making this a very attractive place to invest. Dubai has the most expensive hotel in the
world, the Burj al-Arab which is shaped like a sail (Suddath 2009, p. 23). It will also have the tallest building in the world when the Burj Dubai is completed
(Suddath 2009, p. 23). Everyone is familiar with the islands in the shape of a date palm tree they built. The Palm Jumeirah island complex was completed just before the
financial crisis hit the world. The financial crisis had a devastating effect on Dubai. As in many other parts of the world, their real estate values plummeted by 50 percent
and new construction was halted (Suddath 2009, p. 23). Debt continued to rise. Abu Dhabi gave Dubai $15 billion as bailout money but that did not solve the problem (London
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