‘Dubai’s nightmare’: Iranian missile and drone strikes shatter calm of Arabian Gulf business hub

‘Dubai’s nightmare’: Iranian missile and drone strikes shatter calm of Arabian Gulf business hub

Middle East Eye reports:

Iran unleashed a furious missile and drone assault across the Arabian Gulf on Saturday in response to a surprise US-Israeli attack, but one city in particular appeared to bear the brunt of it: Dubai.

The Gulf emirate, one of seven in the UAE, is the region’s good-time capital, where lucrative business deals can be sealed and celebrated. On Saturday, it was engulfed in billowing smoke and flames as missiles and drones rained down on it.

The strikes have more than just geopolitical significance, denting Dubai’s reputation for being an oasis of calm and commerce in the Middle East.

Dubai has benefited potentially more than any other city in the world from the post-Covid boom of soaring asset prices, cryptocurrency, and remote work.

Capitalising on its low tax rate and smooth bureaucracy, Dubai has become a magnet for London bankers and American “finance bros.” Its financial institutions have served as a haven for Sudanese militia leaders dealing in gold to Russian and Ukrainian expats fleeing war in Eastern Europe.

Dubai’s property market is a testament to its success, with prices up 75 percent since 2020.

A prolonged war in the Middle East could make investors, big and small, think twice, some say.

Perhaps the most symbolic image out of Dubai on Saturday was a fire engulfing the grounds of the five-star Fairmont Hotel.

Despite commentary that the hotel was on fire as a result of interceptor debris, multiple videos suggest it could have been hit by an Iranian drone. Footage of a drone slamming into Dubai’s Palm Jumeirah appears to match that of a drone hitting the headquarters of the US Fifth Fleet base in neighbouring Bahrain. [Continue reading…]

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