dubai from growth to crisis

There is much about dubai that is artifficial based on illusion a)man made islands to represents the map of globe b)ski slope in the midst of islands ,incrideble hotels standing in the front of ocean, c)now it gowing to have the tallest building the world,most expensive hotels ,shopping malls -everything that a developing country need first of all lets go in the ecnomic magnetism as we know that dubai is going to emerged as one of the global finacial centers of the world ..in the early phase of the global finacial crisis .all these seemed as the advantage for the dubai world a)construction is going at very high speed b)plans to constust the tallest building in other words we can say that it is the third giant of the asian country but now if we see it is based on illusion the sudden declaration of state owned dubai world have dept of 80$ billion global stock market ---espicially the emerging market in asia went into a shock after the collapse of the lehman brothers it is a clear evidence of finacial turmoil across the world if we go throught the story of rise and fall of dubai as we know that dubai is one of the seven small states that make up the united arab of emirates &second to the abu dhabi(which have the highest oil reserves) diversifying its economy although economy of dubai was originally built on oil..acco to the recent survey that its oil reserve will diminished in next 20 years dubai used a strategy to diversify its economy dubai strategy to to deverse its economy from oil to the trade ,tourism and finace and it did it by encouraging state run dubai world to buy the companies around the world and inviting multinationals to use dubai as a middle east base for there action.. recent boom in dubai dubai resident population more than 80% are axpratirates ,and you will shock to know that 1.5 million from india indian tourist from bollywood have contributed to dubai..many politicians are also there Usa has been hit by the real state sector dubai fall began with lack of capital collapse of non tradeble sector property sector falls more then 50 % many projects have been abondened GDPcame to 2% now there has been a huge risk for the europian and asian banks that lend to dubai world the official dept is around about 80$billion but some expert say .it is much more could be twice banks that are heavinly involved european banks --84$billion exposure uk banks --------hsbc,standard charted,barklay,abn-amro,bank of scotland indian banks ----bank of baroda 5000crore in dubai indian companies that hve heavenly invested 1..nagarjuna 2..larsen and turbo,spice jet indiabulls omaxe ,voltas and many more but most direct impact on workers ..1.5 million workers ,blue collar workers ,low sallries first country who is going to help is abu dhabi who have given the bail out oackge of 10billion