NO surprises in this news. This was expected despite all the smoke-screening.
I always said that everything would have to change in Dubai (mainly) if all that housing was to be occupied. This meant giving rights to people to feel attracted to buy in Dubai and make it as their own home or than expand exponentially in order to recruit thousands (perhaps 3 to 4 millions) to fill in all those homes.
Now that the debt is here, it'll be interesting to see how Abu Dhabi will flex its muscle in all accounts after bailing Dubai out, including the big businesses which portray Dubai worldwide.