The cranes are still, and for as far as the eye can see, the skyline is littered with half-built skyscrapers: a graphic testament to the devastating impact of the global recession on the once-thriving oil states of the Gulf. Among the legion of expats lured there by the promise of tax-free riches, dinner-table conversations are almost entirely dominated by the latest twists and turns in the gravest economic crisis these states have faced in their short histories.
At the foot of the Gulf in Dubai, where the collapse of the emirate's speculative property market brought it to the brink of collapse at the end of last year, the survivors of the property crash are still coming to terms with their reduced circumstances. Last year's unseemly stampede for the airport, which saw top-of-the-range cars dumped in the car park, alongside their massive hire-purchase bills, has been succeeded by more sober reflections on whether families can afford to pay the school fees.
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