The economist.com writes (Dec 14th 2009): “It (Abu Dhabi) provided $10 billion to Dubai’s government, more than enough to repay the $4.1 billion due on Monday to holders of a sukuk, or Islamic bond, issued by Nakheel, a prominent developer.” So you see, the trouble is over. Just as I predicted! So I can’t deny a certain satisfaction.
Well, be that as it may, but why are all those people so surprised anyway? Why is there all that talk about “Dubai”? I find this extremely unfair. That’s because in economics we use A COUNTRY’S performance as an indicator of future developments – and not a city! Let us all not forget that Dubai is a city, set in the emirate of the same name, located in the COUNTRY of the United Arab Emirates, a.k.a. UAE.
Who talks much about the economy of Los Angeles, New York City, Paris, or Shanghai? Everywhere we read about countries, and Gross Domestic Products, etc. Of course, when you only consider Dubai a city, it will seem much weaker than when you regard it as part of something bigger, the nation it is in. I am completely convinced that this represents an unfair bias against Dubai and the UAE. The media tries to make them seem weaker than they actually are. But isn’t this just outrageous unfairness?
Dubai stands for pure capitalism, and it is not at all ashamed of it. And this is something that, for whatever reason, is no longer “politically correct” in the West. Hey media guys, be real! Dubai is an incredibly daring and audacious project. It deserves your support. – Or at least fairness. How about that?