Economic Turmoil in Dubai, Less Transparency

Amidst the collapse of the global economy, even wealthier Gulf nations are having trouble coping. Dubai in particular is witnessing thousands of foreigners inundated with debt flee the country. But what is particularly interesting as the piece points out -

“No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy. Instead of moving toward greater transparency, the emirates seem to be moving in the other direction. A new draft media law would make it a crime to damage the country’s reputation or economy, punishable by fines of up to 1 million dirhams (about $272,000). Some say it is already having a chilling effect on reporting about the crisis.”