For some years now, I've felt that Dubai was not much more than giant Ponzi scheme, with nothing to fall back on if the flow of new investors stopped coming. (I thought the real estate bubble would pop three or four years earlier than it did.) It seems for once I might have been right.
For the sakes of many out there, I sincerely hope Sheikh Mo can pull something rather remarkable out of his proverbial thobe and gutra.
As others have said before me, I think anything he pulls off will involve his losing control, if not all of, EK. (Although the usual Arab face saving might come into play to leave him at least with an office and a title.)