Dubai in 1990.
Dubai now.
A common question on people's minds is how the world financial crisis will impact this booming city in the gulf. New York Magazine writes:
The conventional wisdom now is that what ultimately safeguards Dubai’s future is not its near-mythical energy and savvy but its oil-drenched sister up the coast. When credit began to tighten around the world, and skeptical stories about Dubai began to appear in the financial press with headlines such as a long way down, Abu Dhabi helped stave off panic by injecting $6.8 billion into local banks. This surprised some; there’s a long-standing rivalry between Dubai and Abu Dhabi, which considers its neighbor, in the words of one American, “like the obnoxious, overspending brother-in-law.” Yet it has become abundantly clear that Abu Dhabi still considers Dubai family and that no matter what crises occur, it will come to the rescue.
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