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Can Dubai weather eurozone storm?

16 June 2012 Last updated at 16:32 BST

With Spain becoming the latest victim to the eurozone turmoil, financial institutions in the Middle East are looking to see what kind of contagion could be expected in this region.

The IMF warned last week that what is happening in Europe could have major repercussions for the Gulf, especially Dubai.

So is it better prepared than three years ago to weather the financial storm or could we see Dubai debt crisis part two?

Katy Watson reports.