The Toronto Star has an interesting article on Dubai called Dubai: How not to build a city. It's interesting throughout, but something that stuck out was this part:
It's Abu Dhabi, back down the road, that has the vast bulk of the U.A.E.'s oil reserves – 95 per cent. Dubai has less than five per cent, and it is not expected to last more than a decade. The economy relies on real estate, tourism and Abu Dhabi, the emirate that is reported to have invested upwards of $10 billion (U.S.) in Dubai's economy.
You always hear that Dubai's wealth is a sort of anti-Dutch disease (this idiot was saying it last year), whereby the oil ran out and the rulers had to get smart, and they turned their economy into a wealthy trading state. But is it possible that the entire city and economy of Dubai was just an Abu Dhabi-inflated bubble?