The 2008 global financial crisis was just that – almost everyone took a hit. But looking at the Dubai property figures for the fourth quarter of 2009, it appears that Dubai is still in tatters while the rest of the world is rallying. Even more worrying is the controversy surrounding the conduct of Omar bin Sulaiman, Saad Abdul Razak, Zack Shahin, Michael Bryan Smith, Kabir Mulchandani and Tawhid, Tawfiq and Tamjid Abdullah, who have all been detained in Dubai on different allegations of financial wrongdoing. Part of Dubai’s attraction to investors was the promise from the government that “Dubai will grow.” The emirate would be independent of oil with a sustainable long term and diversified economy, delivering healthy returns. Until 2008, things were looking good and the government was seeing through on its promise. Investors encountered minimal red tape, and everywhere you looked there were assurances of best practices and
