What is Dubai?
What Is Dubai?Answer: Dubai is the second-largest of the seven city-states in the United Arab Emirates. Abu Dhabi is the largest, with proven oil reserves of 92 billion barrels. Since Dubai only has a reserve 4 billion barrels, it focused on developing itself as a major world financial center and tourism destination. Until the recession, all went well. In 2004, the Dubai government began building the Burj Dubai, the world’s tallest building. It also backed Dubai World, famous for its real estate developments: man-made islands built to look like the world map and a palm tree. On November 25, 2009, Dubai World asked its creditors to delay for six months interest payments on $60 billion in debt. It will negotiate down $20 billion of debt or default. Most of Dubai’s business investments is in hard-to-sell real estate. The global recession has
