Dubai: a city built on sand
Nov 30, 2009 1st Paragraph, English 1st Paragraph
Was anywhere heading for a fall so obviously as Dubai? Yet why did no one ever scream? Why did everyone just marvel?
When I first visited the place three years ago, it was already the most dangerous speculative bubble on earth. Breakneck building – using reputedly a quarter of the world’s cranes – was sustained on hysterical public relations and $80bn of debt…
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