A mate in banking in the Sandpit told me about 6 weeks ago that the smart money boys in Abu Dhabi are standing by in the wings waiting for "the correction", which they expect to be quite large, when they plan to swoop and "buy Dubai" (his term, not mine).
If he turns out to be right, it would seem that quite a few people will be left with 2 million Dirham mortgages on properties that won't, (in the short term anyway), be worth anywhere near that amount.
Shades of London in the early 90's.