Dubai: The story I'm not reading

The local press has been awful. They basically are selling the line that the issue is being completely overblown by the western press. One article in The Nation (the supposedly independent newspaper) went so far as to say that nobody thought these companies had the backing of the government. Reality, of course, is that everyone saw them as being backed by the government. It's called Dubai World and one-third is completely owned by the government!

Basically, Abu Dhabi is saying that Dubai can fail and it won't have negative repercussions for the rest of the Emirates. I hope they are right, but I'm skeptical. The outside world doesn't view major differences between "Dubai" and "Abu Dhabi." Tourism and investment are likely to shy away from the country, not just Dubai.

The story I want to read: What is going to happen to the dozens (hundreds?) of buildings that sit half completed? If the money has dried up and they are on the verge of bankruptcy will these projects all go dormant? Right now the city skyline in Dubai is fantastic. It's one stunning building after another... but there are also lots and lots of cranes and partially completed projects. It will not be pretty if they are allowed to sit and decay.

In ten years Dubai will look less like New York and more like Detroit.