You have to give Sheikh Mohammad Al-Maktoum credit. After borrowing massively from the rest of the world, and then blowing all that cash on ridiculous investments, he’s not afraid to tell the international investing community the truth about how dumb they were.
The Independent: The ruler of Dubai hit out at international investors yesterday as his government’s impecunious investment vehicle revealed plans to restructure $26bn of its debts. Sheikh Mohammed al-Maktoum said: “They do not understand anything.”
Basically, everyone was a bunch of suckers.