http://www.youtube.com/watch?v=vM5h6r2I_64&NR=1

This is what happens when you have only oil to export and leverage too much. lul

thats sux for them.

You are stereotypically wrong.

As of 2005, only 6% of Dubai's exports were based on oil.

Wikipedia Article - Dubai Economy

The worldwide real estate bust is what did them in.

Don't even bother posting about this topic if you know so little about it. It just wastes everyone's time.

lol i didnt even know there was an Asia chat. LOL.

anyway that really sucks for them huh

It was the real estate mortgages.

must be all that supertall scaper buildings. They had so much buildings over 300 m for a city

My god, too many countries / cities are going bankrupt! First Iceland, and now Dubai. No it's not just because of oil, the culprit is unsustainable rapid development. Doesn't matter if you depend on real estate (Dubai) or finance (Iceland), breakneck development is bound to come crashing down one day.

5-10 years the country will rise again