Op-Ed: Will Dubai have to sell out to Abu Dhabi, or is there another way?

Rumors are swirling that Dubai is in at least $80 billion in debt and is looking for help from neighbouring Emirate, Abu Dhabi. Is there any other way to keep the Dubai miracle alive?

Popular opinion is that the heavily indebted government of Dubai will have to eventually go cap-in-hand to their fellow Emirate of Abu Dhabi. Many in the region suspect Abu Dhabi will demand shareholdings in some key Dubai businesses, such as Emirates Airlines, Nakheel or Emaar, in return for the much-needed capital. There may, however, be another way. There are a number of very rich private families in Dubai, most of whom have made a lot of money over the last decade or so on the back of the vision of the Dubai government. The local government could get together with them and ink a deal to borrow from them in return for land or ownership of parts of the big projects. This way it's all kept in the family and the Dubai miracle is kept alive.