Thursday, July 2, 2009

Dubai reigns in real estate oligarchs

An FT article on the merger of several partially state-owned real estate development firms in Dubai says the move is a "decision to merge the real estate entities . . . to break down the business empires of his [Sheikh Mohammad bin Rashid Al Maktoum] lieutenants." One can only hope that Sheikh Issa [real estate developer and part-time torture connoisseur] gets his comeuppance as part of this deal. It's a distant second to the jail term he should be serving, but it's probably all that one could hope for in a country run by a monarchy.

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