Was The Dubai Construction Boom A Muslim Wealth-Plundering?

Mohammed bin Rashid Al Maktoum, the emir of Dubai, ran up extraordinary debts building up his own pseudo-city in its recent construction boom. 

Once western banks had lent him the money to pay western construction companies to do the building, however, he simply disowned the debts. Because he had arranged the whole thing through front companies, it did not trigger sovereign default or affect his own personal wealth. 

The debts had been incurred by these front companies on the understanding that the sovereign wealth of Dubai stood behind them, but when it came to the crunch, they were disavowed.

This Dubai construction boom episode probably amounts to what was, in effect, the biggest Muslim wealth-plundering razzia since the sack of Byzantium. But now this epic Muslim con artist wants to do some more damage to the infidels...

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