sounds like Charles Kindleberger’s Manias, Panics and Crashes should be required reading for those investing in dubai (and in particular its real estate).
Samuel Brittan: 'New opportunities for profit are seized and overdone “in ways so closely resembling irrationality as to constitute a mania”. Once the excess is realised “the financial system experiences a sort of distress, in the course of which the rush to reverse the expansion process may become so precipitous as to resemble panic”. In a panic the reverse movement takes place “with a crash in the prices of commodities, houses, buildings, lands, stocks, bonds – in short whatever has been the subject of the mania”.'
