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Posted At : August 18, 2008 12:02 PM | Posted By : D McKee
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International
A correspondent intimately familiar with Arabian business affairs, who lived for several years in Dubai, provides this window into the Emirate, whose fortunes are now inextricably tied with those of Las Vegas:
"As for Dubai, its economics worry me ... inflation is really running at about 20 percent there, not the single figures the government publishes. This is largely imported inflation, partly due to the Dirham being tied to the dollar while its trading partners are increasingly in Europe and the Far East. It is in grave danger of pricing itself out of the tourist market -- it is living on a myth of being a duty-free, cheap-shopping state -- and is shortly introducing VAT.
"Yes, the government and the ruling families are rolling in money but the fear is that it can dry up as quickly as it was made. Security has also become something of an issue in recent weeks ...
"It is also strange that Dubai should be investing in gambling-related businesses in your neck of the woods when that goes so flatly against Islamic principles. That kind of thing could become an issue back in the Middle East although ethics are not a strong Emirati quality."
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