Commentary: After the downfall, chastened Dubai adjusts to the times
Dubai, the gaudiest of financial centres, has lived its short existence in the glare of public life. As such, it was inevitable that the default of Dubai World would not only teach the emirate a chastening lesson but provide a singularly public restructuring. However, as Dubai World's workout looks to be reaching some sort of conclusion with the announcement last month that the state-owned conglomerate has reached a deal to restructure £16bn worth of debt, thoughts must now turn to how much damage has been sustained to its reputation and its chances of restoring former glories. In many ways, the news could have been worse. There is still plenty going for Dubai and the emirate remains the place from which many law firms are choosing to target the rest of the region. It is true that recent years have seen a greater flow of investment from law firms into other markets, but Dubai has a major head start on rival markets and is by far the largest international centre for professional services in the region.
A better-than-expected restructuring for Dubai World helps emirate to start again
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651