Behind the headline grabbing news, a specialist international newsletter called AirFinance Journal quietly revealed that the new Emirates’ orders were not really new contracts from Dubai at all but instead represented a re-balancing of the books for Dubai’s other venture into the aerospace sector, Dubai Aerospace Enterprise (DAE).

The western media went into overdrive, portraying Dubai variously as being on the verge of collapse, being taken over by its larger, wealthier neighbour emirate Abu Dhabi, and as a possible harbinger of a wider global economic collapse – a metaphorical flapping of an Emirati “butterfly’s wings” that would bring chaos to the world

International news media coverage of remarks in July by Ambassdor Youssef al-Otaiba, the UAE’s man in Washington, caused consternation and surprise because of his apparent candour on the prospect of a nuclear-capable Iran. The UAE Foreign Ministry sought to limit the impact of his remarks by portraying them as out of context and intended as unofficial. Yet in the US environment, Mr al-Otaiba was very much “on the record” both in his formal presentation at the “Aspen Ideas Festival” in Colorado on 7th July and in the public question and answer session that followed.

The Emirates Airlines offer is so obviously attractive that one has to question why no one else is doing it. Until they do, the carrier’s strategy will continue to pour people and resources into Dubai and the UAE. At its heart, Dubai is and always will be a trading hub and reshipment point. But to maintain success amongst mounting regional competition Dubai also has to remain cost effective - low tariffs, minimally invasive regulations, and reasonable operating costs.