This article in the International Herald Tribune makes interesting reading: Laid-off foreigners flee as Dubai spirals down. Dubai, unlike neighbouring emirates, does not have oil, and has instead built an economy on finance, entrepot trade and glitzy tourism. In the last few years, as the bubble ballooned, it's been billed as a star performer, attracting loads of foreigners, building the world's tallest tower, and so on.
Now, parts of Dubai are "looking like a ghost town" as jobless foreigners are forced to leave. Property prices in some neighbourhoods have crashed more than 30 percent in the last 2 - 3 months, the airport parking lot is full of abandoned cars, and Dubai officials have dropped hints that they'd be willing to accept a bailout from oil-rich neighbours.
And there's no light at the end of the tunnel. People can't foresee how the good ol' days will return. Is there a lesson here for Singapore?