Dubai once symbolized the economic boom of the 21st Century. It was viewed favourably by major Western companies that established offices in the country attracting a large number of foreign workers from Europe, Asia, and elsewhere. With an economy to the tune of $46 billion, the Gulf emirate attracted world-wide attention with its rising property sector. Today, however, is a different story. The economic situation has deteriorated to the point that expatriates are leaving the country as fast as possible. As reported in the New York Times, debt-ridden foreigners are fleeing Dubai, abandoning their cars at the airport with “maxed-out credit cards inside and notes of apology taped to the windshield.” Dubai: Growth and Collapse To understand the collapse of the Dubai economy, one must look at what was driving it. Dubai’s economy was initially a mixture of trading and oil. Since the 1940s, the city was known as a trading-hub for gold in the Middle East and South Asia. Oil was also a signifi
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