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As the Western economies suffered setbacks and confusion there was a popular conception, almost a mantra that the Middle East was recession-proof. This idea was somewhat dented when Dubai’s property bubble burst with spectacular results.
However, in terms of the overall picture this was merely a local difficulty and other areas were unaffected and continued to prosper. The reality of one of the bellwethers of the current financial situation can best be judged by the recent Middle East Business Aviation (MEBA) air show in Dubai. Continue reading