Dubai is the word synonymous to the middle east in malayalam.millions have pulled themselves out of poverty from the money sent from there. but the latest news out of the emirates have revealed the skeletons from its sultans closets. the world have always asked for transparency in their balance sheet but it have always remained a mystery until now when the govt told the creditors to freeze its debts.
Dubai world and nakheel which are the investment arms of the government have gone under a debt of 80 mill dollars. its sultan who wanted to diversify the economy invested the oil money elsewhere but when the housing bubble burst everything went south the effect was doubled by the falling oil prices.dubai splurged its money in building some outrageous world wonders like’ the palm’ and ‘the world’.
i think this is just the tip of the iceberg , more secrets of the royals will be out soon.poor kerala govt which counted the Dubai for the ambitious smart city project.the chief minister recently said that he is reviewing the whole project an a new partner will be selected soon.reports from the emirate says that the Dubai govt is to be bailed out by its good neighbour abudhabi.any way my uncle(who was an expat in Saudi)used to say that one day arabs will come to clean up the cow dung of our cattle as we do with their camel waste ,i thing that day wont be far away.