Booming Dubai about to go bust?

Over the years, booming oil prices helped turn Dubai into a land of opportunity and playground for the ultra rich. 

But that was then and this is now. And as CBS News correspondent Sheila MacVicar reports, even Dubai is feeling the pinch of the worldwide economic crisis. 

The gulf city state's property prices went up as fast and as high as the towering buildings. But reality has suddenly intruded. 

One investor said it was as if someone had thrown a switch, as the global credit crunch slammed a city that was, in effect, the world's biggest construction site. More...

See also:

1. Dubai: is the bubble about to burst?
2. The dark side of Dubai...
3. Dubai, a study in Superlatives...
4. Dubai's Palm Jumeirah: wonder or blunder?