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Search Dubai project dreams evoke 2008 crash at banks: mortgages

Dubai, gearing up for a new development boom, will need to prove to lenders and investors that this one won’t end like the last … “They are floating a trial balloon to see how the market responds,” said Jim Krane, a researcher at Cambridge University’s Judge Business School and author of the 2009 book City of Gold, Dubai and the Dream of Capitalism. Dubai has excelled at “soaking up the excess liquidity in an oil-rich region. The city’s game is to create schemes to channel some of that liquidity to itself.”

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