John Gapper's blog: There is a fascinating analysis of how the financial crisis is affecting the United Arab Emirates - including Abu Dhabi and Dubai - in the Financial Times this morning. It makes me think that my recent note on the booming residential property market in Abu Dhabi may have coincided with the top of the market. (I also like the photograph that goes with the article, of Roger Federer playing Andre Agassi on a helipad on top of the Burj Al Arab hotel.)

Indeed, the charts accompanying the piece show that residential property prices rose by 42 per cent between the last quarter of 2007 and the first quarter of this year, while the rise from first to second quarter was 16 per cent. That is still zippy but the rate of growth is abating. The thing that interests me most is the way in which Abu Dhabi, which has most of the UAE's oil wealth, held its nose and came to the rescue of Dubai, its flashier and more debt-dependent fellow emirate when doubts surfaced.