The Gulf region is not expected to tip back into growth until next year, but hints of a return to the good times are already evident in oil-rich Abu Dhabi. Plans for the emirate’s first-ever Formula One Grand Prix next month include a weekend of red-carpet events, complete with an opening-night concert by Beyoncé. The contrast with Dubai couldn’t be starker: as Abu Dhabi shows off its party-planning skills, its resource-poor neighbour remains focused on its tattered finances.

An expected $10bn sovereign bond issue will be an important barometer of sentiment as Dubai attempts to right itself. Official numbers are scarce, but Standard & Poor’s estimates that the collapse of the boom of 2003-2007 has left Dubai and its state-backed companies with $80bn-$90bn of debt. Of that, about $50bn, equivalent to 70 per cent of Dubai’s yearly output, will come due in the next three years.