The Wonderful World Of Dubai World

The Dubai World crash of a month ago is still troubling the world’s financial markets. Dubai World is an investment company owned by and run for the country of Dubai, one of the United Arab Emirates. Dubai World was hailed as one of the wonders of the world not so long ago, having major investments in real estate and finance in many countries, and by building hotels, golf courses and terrascaped artificial islands in the Gulf. A world class airport and a projected fleet of the giant Airbus A380 planes was designed to make Dubai a major center for trade and commerce, and a destination for the world’s traveling rich and not so rich. All this came crashing down on November 26 when Dubai World reneged on its debt to the tune of 26 billion dollars. Stock markets around the world developed major jitters as investors saw their money disappear into the Persian Gulf. People never learn that what goes up must come down.



Investors happily took the plunge

Into the Dubai World

Absorbing losses like a sponge

They now cry “goobye World”

Expecting governmental help

Like Obie gave his friends

With hotels sinking in the kelp

They surfaced with the bends

So now they’re holding both the sack

And mounting debt to pay

And all without a Freddie Mac

Or helpful Fannie Mae



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