"The US rating agency Moody's has warned that Dubai faces a "systemic increase in debt" after borrowing abroad on a huge scale to fund its construction boom, raising the risk of a financing crunch unless richer neighbours in the United Arab Emirates offer support." - Oct 13, 2008. Yes, 2008.

Who didn't see it coming?

http://www.telegraph.co.uk/finance/globalbusiness/3191538/Du...