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When my job was attempting to predict future economic developments for the Shell oil company, I was frequently reminded of an Arabic saying: 'Those who claim to foresee the future are lying, even if by chance they are later proved right.' ↗
Dubai was a property bubble. Plain and simple. Go to Dubai and see what happened. It was... what I call it the 'Edifice complex' - it's just, we can grow by putting up lots and lots of buildings and trying to attract people to come here, stay here, and put up offices here and sooner or later, you put up too many. ↗
