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> But then again, these Sheiks, Emirs and their cronies will only remain in power through the most draconian measures once the oil wealth dries up Unlike its n

> But then again, these Sheiks, Emirs and their cronies will only remain in power through the most draconian measures once the oil wealth dries up Unlike its neighbors, Dubai is not primarily an oil-driven economy. Only 2-3% of its GDP comes from oil and natural gas. The devaluation of oil would impact Dubai, as the other Emirates and nearby countries are much more dependent on oil, but Dubai's economy has never really been based on oil, because Dubai had very little oil in the first place, and it was discovered very late.

patrickk 9y ago
Dubai has engaged on vast spending to ensure that it has other revenue sources other than oil. It required a massive bailout a few years ago from it's neighbour Abu Dhabi, whose wealth derives from oil: http://www.reuters.com/article/us-emirates-dubai-debt-idUSBREA2F0EQ20140316 http://www.reuters.com/article/us-emirates-dubai-debt-idUSBR... http://www.telegraph.co.uk/news/worldnews/middleeast/dubai/6807939/Dubai-accepts-10bn-bail-out-from-Abu-Dhabi-in-dramatic-climbdown.html http://www.telegraph.co.uk/news/worldnews/middleeast/dubai/6... Without this bailout I doubt Dubai would exist in anything close to it's current state.