Doubts About Dubai

In Newsweek, here

"...Dubai's boom has long been fueled by the notion that the region's oil economy would one day betray the tiny emirate. With shrinking hydrocarbon revenues now a single-digit percentage of its GDP, diversification into tourism, finance and other services was a no-brainer. Even if oil prices slumped—as they have in recent weeks, to around $75-a-barrel—the city's rapidly multiplying hotels and resorts could still be counted on to attract sun-seekers from Europe and Asia. The result: a supercharged real-estate market that includes some $300 billion in recent projects..."