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Thanks to massive spending and borrowing by its state-owned development companies, Dubai became a global financial center in the 1990s. It built the sail-shaped Burj al-Arab, the most expensive hotel in the world, and the unfinished 160-story Burj Dubai, the world's tallest building. Its coastline has been lined with man-made islands shaped to represent a date palm and a map of the world. The government is one of business-oriented paternalistic rule, strong development vision, a lean and efficient state apparatus, active market interference, and a reliance on market mechanisms, there are strong ties between the public and the private sectors.
Thanks to massive spending and borrowing by its state-owned development companies, Dubai became a global financial center in the 1990s. It built the sail-shaped Burj al-Arab, the most expensive hotel in the world, and the unfinished 160-story Burj Dubai, the world's tallest building. Its coastline has been lined with man-made islands shaped to represent a date palm and a map of the world. The government is one of business-oriented paternalistic rule, strong development vision, a lean and efficient state apparatus, active market interference, and a reliance on market mechanisms, there are strong ties between the public and the private sectors.
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==Recent==
==Recent==
The world [[Financial Crisis of 2008]] has left Dubai staggering. Many very expensive luxury investments around the world went sour, often losing 50% to 90% of their value; real estate prices dropped 50% and new construction ended. Dubai is hard pressed to repay its debts but Sheik Mohammed has downplayed the rising debt, which some estimate to be more than 100% of GDP. Despite a $15 billion bailout from neighboring [[Abu Dhabi]] (which has oil) i late 2009, the crisis continues to mount.
The world [[Financial Crisis of 2008]] has left Dubai staggering. Many very expensive luxury investments around the world went sour, often losing 50% to 90% of their value; real estate prices dropped 50% and new construction ended. Dubai is hard pressed to repay its debts but Sheik Mohammed has downplayed the rising debt, which some estimate to be more than 100% of GDP. Despite a $15 billion bailout from neighboring [[Abu Dhabi]] (which has oil) i late 2009, the crisis continues to mount.