Last week’s announcement that Dubai World, a corporation owned by the government of the Arab Emirate known for its palm tree-shaped housing developments, would restructure $26 billion in debt sent shockwaves through the financial world. Today, Dubai stocks continued to fall precipitously, indicating that the worst may not yet be over.

In little more than 20 years, Dubai has become an economic juggernaut of the Persian Gulf, positioning itself as a tourist destination and a leader in real estate development and financial services. Even so, most Western readers know relatively little about the machinations of Dubai’s rise, let alone what day-to-day existence looks like in a desert country featuring two—two!—indoor skiing facilities.

NPR’s Planet Money recently dedicated an entire show to Dubai, focusing mostly on the expatriate experience; however, in his new book, Dubai: Guilded Cage, Syed Ali looks beyond Dubai’s glitz and glamor to uncover the untold stories behind the emirate’s overhaul. Ali’s book, which will be available in April, provides a panorama of Dubai’s society including Western ex-pats living the high life abroad, native Emiratis who have benefited from an influx of investment, and workers from the developing world who provide the manual labor and
domestic service needed to keep the emirate running, often at great
personal cost. It’s a nuanced look at a global hotspot—one that may guide our politics and our portfolios for years to come.