Dubai proves to be oasis in financial desert

07/18/2008 | International Herald Tribune

While casualties of the credit crunch continue to mount, Dubai is emerging as the decade's go-to financial center. "This is the new Wall Street -- it's the center of gravity," said Fares Noujaim, president of Merrill Lynch's business in the Middle East and North Africa. Dubai's success has been fueled by the soaring price of oil, despite having little of its own oil.

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