I offer my condolence to Dubai.

What did kill Dubai? This is the demoniac power of a money. Dubai isn't likely to recover.
Huge speculative money is concentrated to the some specific non trade sector(commonly stock market, real estate,or resort developing)Non trade sector has no exit.so money increase day by day, Usually, if the price of trade goods become higher,it doesn't sell well. but in non trade sector,price rising draw more money.and when the price goes down ,everything will collapse.Speculative money escape at once from there. Speculations and collapses like this have refrained many times until now.
In Japan, many people say about these bubble economy figuratively "It seems like Old Maid card game"