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United Arab Emirates celebrates 38th birthday

What a time for United Arab Emirates to celebrate its 38th year in existence with the Dubai debt crisis creating a large cloud over the area. The behind-the-scenes action continues with regards to Dubai with a general assumption that the Abu Dhabi authorities will step forward to cherry pick the best assets and offer partial assistance to the Dubai government. This is almost certain to happen sooner rather than later with the ripples of the Dubai crisis still travelling across the world.

There is a feeling that Dubai "had this coming" after stealing much of the limelight from fellow United Arab Emirates state's with the massive multibillion-dollar investment into the economy. Whether this would have been more successful if the worldwide economy and not downturned is a question on the lips of many analysts but the truth is that the worldwide economy did turn down and investors have been left high and dry in Dubai.

It will be interesting to see the pecking order within the United Arab Emirates in the short to medium term with Dubai likely to feel the wrath of fellow UAE states who are concerned about the reputation of the region. The Dubai boom and bust scenario must count as one of the quickest ever seen in the world!

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