FB: They will.
Despite many warnings that the property boom was going to burst and the jewel of the desert was a fake many buried their heads, continued buying and are now broke.
All the signs were there then for Dubai Inc and are now there for EK. EK are going to struggle big time. They can choose to ignore it, which indeed they are, but they are not going avoid some severe weather ahead.
EKs profits pale into insignificance when compared with the country's debt of over $120 billion. This is a burden EK, as one of the only assets Dubai has to offer, has to take on. If you really think that tourism and the import/export business will pay it off (the latter heavily reliant on Iran) then there is no shortage of sand to bury your heads.
Last edited by Marooned; 16th Dec 2010 at 14:33.