Dubai’s economy is going to shrink for the second consecutive year with a decrease of -0.5% in 2010, according to the International Monetary Fund.

Property prices in Dubai have fallen by -50% since their peak towards the end of 2008, with the emirate taking a $20m bailout from Abu Dhabi in 2009, having already borrowed $109bn with the aim of turning itself into a major financial centre and tourist destination.

Abu Dhabi meanwhile is the largest of the United Arab Emirates and according to the IMF it is predicted to see growth of +3.7% in 2010.