迪拜神话破灭

Nearly 90% of the oil of the United Arab Emirates is based here, Abu Dhabi, the capital of the UAE. That's how Abu Dhabi has built up the largest sovereign or government-controlled wealth fund in the world and why Abu Dhabi is expected to do more to bail out its fellow gulf emirate Dubai. Confirmation on Sunday that the UAE central bank will stand by banks in the emirate with more money if needed was one step.

"When investor confidence at the moment in Dubai has been shaken thoroughly, what would happen over the next week or two will go a long way towards either confirming or changing that view."

Dubai doesn't have much oil, that's why it diversified into property and tourism. The city state, with its palm-shaped islands, also boasts the world's tallest building, the world's largest mall, even one of the world's largest indoor ski slopes.

Whether it's Dubai World or DP World or Dubai Ports or its troubled property development arm known as Nakheel, financiers just call it Dubai Inc, a series of industries and international investments all tied to Dubai's ruling family, much of it built on loans from dozens of international banks. But while oil prices rose, property investments in Dubai, like in many parts of the world, fell hard during the economic slump.