The Forgotten Crash of 2009 (When Dubai Almost Went Bankrupt!)
Episode notes
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In this episode, Eugen Zimbelmann takes you back to November 25, 2009 – the day Dubai World asked for a standstill on its debt and the financial world wondered whether Dubai was finished. You'll learn how the boom between 2002 and 2008 turned into a trap, what really happened in those November days of 2009 and how close the city came to default, who rescued Dubai back then – and what became of the billions in debt. Part four answers the question that matters most to you as an investor: could this happen again? Eugen walks you through the three structural differences to today – regulation, buyer structure and balance sheets – and closes with the one number that separates Dubai's finances then from now. Whether you already own property in Dubai or are planning your first purchase, this video shows you why the 2009 crisis isn't an argument against Dubai, but the reason this market is built the way it is today.
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