Dubai built for a global economy, now threatened by coronavirus pandemic – The Financial Express

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Dubai built for a global economy, now threatened by coronavirus pandemic – The Financial Express

Dubai,global economy, coronavirus pandemic, United Arab Emirates, debt repayments, global oil prices, Gulf Arab economies,latest news on coronavirus pandemicThe pandemic has simply thrown into relief how much Dubai, like the rest of the UAE, relies on global trade. (AP photo)

Dubai built a city of skyscrapers and artificial archipelagos on the promise of globalization, creating itself as a vital hub for the free movement of trade, people and money worldwide all things that have been disrupted by the coronavirus pandemic.

Now, with events cancelled, flights grounded and investment halted, this sheikhdom in the United Arab Emirates is threatened both by the virus and a growing economic crisis. Under pressure even before the outbreak, Dubai and its vast web of state-linked industries face billions of dollars in looming debt repayments.

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And though it was bailed out a decade earlier, Dubai may not be able to count on another cash infusion, given the crash in global oil
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