Dubai to me has always seemed a little bit like the Paris Hilton of the Middle East - beneath the glittery make-up and sexy packaging, there is precious little to justify the hype. So it's not a complete surprise to learn that it is on the verge of being swept away like a sand castle in high tide as a result of its massive debt load (rumors to that effect have been circulating in financial circles for at least a year now). Understandably, Western markets are not reacting very well.
The question currently on everyone's mind is whether the oil-rich Abu Dhabi is going to bail out it's debt-ridden neighbor and avert a snowball effect on the global economy. The question on my mind however is whatever will become of the Karl Lagerfeld-designed residences on the much-hyped Isla Moda? Surely, if institutions have become "too big to fail", projects such as these are "too important to fail". On behalf of all the Kaiser's followers, I demand a bailout!
Sincerely,
The Luxe Chronicles
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