The Middle East stood on the brink of a financial crisis this week when the financial markets in Dubai, the Arab world's economic jewel, crashed a worrying 10 percent. The drop was preceded by the government-backed state conglomerate Dubai World informing creditors that they would have to wait at least another six months for repayment.
Dubai, one of the seven emirates that make up the United Arab Emirates, is home to a disproportionate amount of real estate development, diamond exports and other major industries in the Arab world. An economic collapse there would be felt heavily in every neighboring state.
Except Israel, that is. Thanks to the decades-old Arab boycott against doing business with Israelis, there is very little Israeli investment in Dubai. If this week's drop in the Dubai markets heralds a larger economic crisis in the Middle East, Israel may be the only country untouched by it.
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