Is Dubai is a bad idea
An Arab discussion forum has closed ranks in support of embattled Dubai in a heated and controversial debate boycotted by a number of Gulf media outlets.
It was the first time the city-state's financial misfortunes had been publicly discussed in the region.
On the day Abu Dhabi bailed out the neighbouring emirate with a $10 billion loan, the Doha Debates audience delivered a clear message of support for Dubai's "experiment" with unfettered capitalism by voting 62% against the motion: "This House believes Dubai is a bad idea."
Three successive panel members who agreed to speak against the motion, including Mark Beer, chairman and CEO of Dubai's British Businessmen's Group, had to be replaced after they pulled out at short notice, while five journalists representing Dubai newspapers and business publications also withdrew their accreditation and failed to appear.
Although most of the absentees cited "operational or health reasons" for their last-minute change of mind, those familiar with the debates said they appeared to have decided the event was too contentious.
Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum was recently on record telling critics of Dubai to "shut up."
Hi. Well, that doesn't sound very optimistic. It seems that the crisis spreads worldide, just some people don't mean to admit it. In my opinion taking more and more loans doesn't solve te problem at all, quite the opposite. Till we, people in general, don't learn to live without debts, I don't think the situation will get better.
ReplyDeleteWishing all the best,
Jay