Eid Holidays

Financial meltdown, how far is it really away from here, an article in the FT today reported that Dubai have asked for a suspension of their line of credit for a fixed period, debts in the emirate are growing and property prices are still falling. Not a big concern to the industry that I work in for the time being. Concern would be if the only way for Dubai to survive would be through taxation and the end of the free zones. That might lead to another mass migration away from the region so it is unlikely. As with all other things, there will probably be no change to the opulent emirate and commerce and construction will continue until completion. once done and the money slows further then the construction population will be dismissed and other commerce will continue, with incentives to encourage businesses and tourists to use the hub that has been created here. With people now claiming that peak oil may never happen as we introduce more new technologies to assist recovery we produce more from smaller fields at less cost. surely the readjustment that has occurred has given enough confidence back to the global communities that the continued world population explosion is sustainable through the energy resources that we have. I am a little sceptical about all of this.