Just on the 25th March, Dubai gave out a detailed plan on how to spend the funds from Big Brother Abu Dhabi – the ones that were meant to „save” it, the so-called „bail-out”. The process will be overseen by the Dubai Financial Support Fund – it is going to make sure that the payments to the creditors of Dubai World (and its subsidiary Nakheel) will be conducted in a reasonable and sound way. „The monkey business is now officially over,” one Dubai-based hedge fund manager was quoted saying. I can only agree. And I must say that all this is certainly good news for everyone involved – but in any case the question where the economy of Dubai is now standing, in spring 2010, more than a year and a half after the financial crisis of 2008, must be asked.
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