Dubai’s paradise punctured?

Iran’s attacks over the past few days have struck at the heart of Dubai’s economy. The near-term hit to GDP could be larger than in other parts of the Gulf (although that will depend on the length of disruptions to energy supplies). And, over a longer horizon, Dubai’s attractiveness as a destination for tourists and expatriate workers could be challenged, puncturing the recent rally in property prices. The crumb of comfort is that the real estate boom hasn’t coincided with rapidly rising debt among government-related entities and won't result in anything like the 2008-09 debt saga.