I’d been wondering about this for a few years
Dubai is on a spending spree, and financial analysts are starting to wonder about the amount of debt the city-state is racking up. Its oil production is dwindling, and its debt load is four times the average among other Persian Gulf states. Credit-rating companies are asking for more information to determine how sound the government really is…"The transparency isn’t good."
Here is the article and related links. If I had to "sell short" one country or city-state in the world today, it would be Dubai.