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Published on Feb 15, 2009
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The property bubble in Dubai, the business hub of the United Arab Emirates, is bursting as investors start to dump assets. The current financial crisis which has resulted in scarce credit and slumping oil prices has forced international financiers to dump assets in Dubai city.
"If the property industry collapses in Dubai, it will be finished. Dubai's relative autonomy will come to an abrupt end," added Davidson, the author of "Dubai: The Vulnerability of Success.
He added that Dubai's push into luxury property developments was a mere diversification on "paper sand".