Abstract
The debt problems of Dubai World, an investment company owned by the Emirate of Dubai, have cast a pall over economic activity in the United Arab Emirates (UAE) and the Gulf. They have raised questions about relationships between the seven Emirates that constitute the UAE, as well as about Dubai's ambitious economic model and the unclear boundaries between the public finances and those of the ruling Al Maktum family. As negotiations continue on restructuring $26 billion of debt, it is clear that greater transparency in governance may be needed in the Gulf to restore business confidence over the longer term.
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