Dubai World: How Dubai fell from its peak

The story of the Emirate’s debt difficulties sent shockwaves around the world. Dubai World’s proposed restructuring has given its local business leaders and bankers precious time to begin to get its affairs in order. A painful adjustment process is in prospect, even assuming the worst of the news is out of the way.

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AS THE PLANE descends towards Dubai’s International Airport a stunning landmark dominates the skyline. The Burj Khalifa, at 828 metres the tallest man-made structure in the world, towers over every other surrounding building. With its patterned design embodying Islamic architecture, it is a magnificent sight. The skyscraper was officially opened on January 4. As with most things Dubai the accompanying ceremony was fabulously glitzy and over the top.

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