Friday, November 27, 2009
What is Dubai and who runs it?
From the pinnacle of the world economic boom to the brink of bankruptcy, Christopher Davidson of Durham University explains some of the background to the glittering city in the desert.
The inability of the government of Dubai to refinance the massive debts incurred by its largest state-owned company, Dubai World, has sent shockwaves throughout the world prompting many observers to ask not only how severe the economic crisis is, but also what exactly is Dubai and who is in control of it?
Although frequently described as a city state or even as a country in its own right, Dubai is a constituent member of the federation of United Arab Emirates along with six other emirates.
Only one of these, Abu Dhabi, possesses substantial oil reserves, and as such it has dominated most areas of federal politics - including foreign affairs and defence - since the UAE was formed following Britain's withdrawal from the Persian Gulf in 1971.
Posted by Panchapor at 6:29 AM