Al-Arabiya, a Saudi-owned news channel based in the Emirate of Dubai has been running the ads frequently for several months.

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He also traveled to the Persian Gulf emirate of Dubai, which has imported tens of thousands of workers to build its burgeoning megalopolis.

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The friendly neighbouring emirate of Abu Dhabi, which has been bailing Dubai out, is still flush with petrodollars.

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"Lawyers and banks are moving to Dubai, " says Darshan Bijur, director of auditor KPMG's Islamic finance division, adding that even Brits are not immune to the emirate's tax-free charms: One of the directors of Dubai's Financial Services Authority is a former London-based financial regulator and judge, Michael Blair.

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The Dubai announcement caused the cost of this insurance to rise sharply for the emirate itself, though it has since fallen back a bit (see chart).

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The case is being heard in the traditional and conservative emirate of Ras al Khaimah, where the accused have been held in prison since their arrest in Dubai in November.

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On the other hand, Dubai's architecture of excess is fading fast as a report revealed that the emirate's world-shaped archipelago of islands is sinking into the sea.

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As Dubai's boosters point out, the emirate is well situated midway between Europe and the booming markets of Asia.

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