For those of us that have crossed the age threshold of 30 years, one is quite aware of the changes in life.  If you are not doing what you desire at that age, you ought to be.  If you are content with your life to date, one then might ask “is there more?”

That is where the Gulf Cooperation Council is at this juncture – 30 years on and counting.  Undoubtedly, the annual meeting was overshadowed by the year-end crisis management techniques in the UAE, specifically Abu Dhabi stepping in at the 11th hour to inject $10 billion into neighboring Dubai.  I don’t think it was a coincidence that the UAE President H.H. Sheikh Khalifa bin Zayed Al Nahyan wanted to get that mopped up before travelling to Kuwait for the GCC Summit.

The council of six countries was created during the tensions of the Iran-Iraq War to create a common economic and security policy; they are, as we find out from the European example, tightly linked.

The GCC is eager to create a single currency, a la the Euro, next year.  We know already that two of six countries, the UAE and Oman, will not join the party at the start.  It is not clear after this most recent summit whether that union will proceed as planned and also whether the long-coveted dollar link will survive.  There are more opinions about that than there are countries in the Gulf.

During a panel I chaired at the Arab Thought Foundation annual FIKR (meaning thought in Arabic) conference in Kuwait, we had a healthy debate about the key ingredients for unity.  Two of the European panel members pointed to security and transportation.

They recalled the Marshall Plan to rebuild Europe that also anchored Germany to the West. It was the beginning of a 40-year process that eventually led to the European Union, which now has 27 members.  During that reconstruction effort, roads and rails were built right across Europe – the essential arteries to trade and the movement of people and goods.

Our two Arab members of the panel were in complete solidarity with this premise and hoped that the Gulf War would have brought not only the Gulf countries closer together but the broader region as well.  That has happened to a certain extent, but old rivalries and national priorities have certainly carried much more weight than the collective good of the next generation which vitally needs to see the benefits of oil and gas wealth.

There was also agreement that the most pressing issue is youth unemployment, which, most outside the region do not know is more than a quarter of the population between 15-30 years old.  Unemployment will surge with the highest birth rate in the world right now.

Five years ago, the region signed onto a regional trade agreement to lower barriers amongst the 20-plus countries of the region.  In actual practice, businesses complain about the non-tariff barriers to commerce.  Waiting times at borders within the Middle East can range from five hours to 50 hours – that is no joke – and we are talking about that level of delays even within the six Gulf States.

It goes back to the original premise, why 30 is not only an important threshold for the GCC and the region in general, but those who may be frustrated because they want to fulfil their dreams.  A vision has been conveyed and step by step, the hurdles need to be crossed for a single market, a common currency and most importantly a common goal to create opportunity to those who most need it.

How have the housing markets held up in three major cities at the end of a tumultuous year?

MEERUT, India - Sajid, a tileworker from Andhra Pradesh, India, heard Dubai was a kind of paradise: A land of beautiful beaches, clean roads and plenty of high pay.  So he did what many of his friends and fellow Indians had done.  He paid an agent to fix him a job and went to Dubai.

Indians top the global list of migrant workers: more Indians leave their country to find work and send back money, called remittances, than citizens of any other country. The Indian Government estimates there are over five million Indian workers overseas, with 90 percent of them in the Gulf region.  Most of them are considered temporary migrants.

If you travel through the south Indian state of Kerala, it is easy to spot the homes and stores built by remittances.  Ask locals where the money comes from, and “Dubai money” is often the answer.  Kerala has the greatest number of migrants to that Gulf nation.

Sajid and other locals estimate there were more than 35,000 others who came from their area, looking for a better future.  They are from Meerut, a dusty north Indian city that sprawls into house plots being carved from former farmland.

In Dubai, Sajid says he lived in a camp with other workers, where water would run out.  He says there was often no cooking gas, so he and his friends would borrow gas from other camps to make their meals.  Life was difficult, he said, but for several years, it was fine.  He was able to save money and sent it back to his parents, his brothers and sisters, his wife and five children.

About eight months ago, Sajid says, his boss came to him and his fellow workers and told them to work faster.  “Do more in less time,” Sajid says he was told.  Sajid didn’t know what was happening but started to realize something was wrong when he saw other workers being ‘sent back.’

Then his pay stopped for a month, and then two, until he was owed six months pay.

He and his fellow Muslim workers were told to go home for the festival of Eid and they’d get a lump sum on return.  Sajid says they went, believing that they’d be happy to get their money in one chunk.  But before he left, he was told to sign a paper in English.  He couldn’t read it but says he thought it was a form for his leave.

While home for Eid, he got a call saying his visa was cancelled since he’d resigned.   It was then Sajid understood he’d been tricked into signing a resignation form.  Sajid has heard nothing since that phone call, and doubts he’ll get his money.

His father Shahabuddine has had to sell his land in Meerut to pay debts, including payments on the more than $2,000 that was owed to the agent that sent Sajid to Dubai.

Sajid has been trying to find local tilework – the only trade he knows – but says work in Meerut will only pay enough for him and his family to live from day to day.

In spite of his bad experience, Sajid says, he’d go back to Dubai if the work picked up.  For Sajid, and millions of other Indians, a place like Dubai is still the best hope for a better future.

Early in this millennium, which seems like an eternity today, I was taken on a helicopter tour of Dubai for a story I was working on. Sheikh Zayed Road, the main artery of the emirate, still had empty gaps where giant skyscrapers are today.

To understand Dubai development's past and future, a helicopter view is required.

On that same tour today, The Palm and World projects, which light up the coastline at night, and the “old” Burj Al Arab hotel - celebrating its 10-year anniversary - are pieces of a puzzle that make up Brand Dubai.

From up above it is easier to see what has been built - most strikingly the Jebel Ali Port which was nothing more than a sandy stretch of land two decades ago on my first visit during the Gulf War. Today, the port is the largest container facility in the region, dwarfing its rivals by a factor of four. DP World has more than 50 other facilities dotted around the globe, a successful creation of Dubai World’s spending spree.

It is these traits in Dubai that regional businessmen and government leaders list under the banner of infrastructure which will allow the brand as they see it to survive its worst challenge in the short history of the emirate, something lost as the scenes in this financial drama unfold on a daily basis.

While in Kuwait City this week, I rushed over to the Sheraton Hotel for a meeting to obtain background for a panel I was chairing and to get a different view of the financial crisis.  On my way out, I saw the photos from the winter of 1991.  I remember back then walking on shards of glass and metal, the intense devastation of the hotel by Iraqi troops. This was a stark reminder of where the city and the region came from in the last two decades.

Dubai was just embarking on its expansion with an ambitious Sultan bin Sulayem - the embattled chairman of Dubai World - rolling out his blueprints for the port which was his initial “Field of Dreams.”  He was wondering why I had a skeptical look on my face of disbelief.  Maybe I lacked imagination and he was perhaps overly ambitious after that grand project was completed.

Dubai World represents the primary, but certainly not the only challenge for the emirate today.  Government officials and creditors are starting what appears to be a much longer path to restructuring than most were anticipating just 10 days ago.  It won’t be half a year; the cost of borrowing will increase as the score of rating downgrades continue to pour in and there won’t be one giant property company with assets of $50 billion (at old valuations) because the deal was called off to merge Emaar and the companies under the Dubai Holdings umbrella.

One private equity player pointed to this leveraged play being written in Dubai nearly two and half years ago as we launched our program.  The debt he flagged at the time will eventually catch up with all the players in what most like to call Dubai Inc.  In the region, that label is used as a common reference to all the holding companies created by the government.  From far beyond the financial centers whose lending institutions bankrolled this debt mountain they ask questions like “Is Dubai Inc. a publicly listed company?”  “What do you mean the government owns stakes in each of them?” and “Why were they allowed to borrow so much money?”

We can call that the view from 35,000 feet, skyhigh in a jetliner where we cannot recognize the offshore projects, the port or the iconic hotel.  In the region, most have at one point or another taken that helicopter tour and know why it is important to get today’s financial burden sorted out.  They rightly though have difficulty answering those questions.

Driving around the Chinese town of Yi Wu, my crew and I were listening to the radio when an ad came on encouraging listeners to trade in their old TVs and washers for new ones.

"You can get a 13-percent rebate!" the speakers blared.

The government is going all out to promote its rebate programs and get its citizens spending. The manager of Xin Hong Electric, a store selling electronics and appliances, told us his sales were up as much as 30 percent. Not only can Chinese get discounts on new refrigerators, dryers or microwaves but cars too. Car sales were up nearly 80 percent in October compared to a year ago, driven in part by tax breaks and China's version of the U.S.'s "Cash-for-Clunkers" program. China is expected to overtake the United States as the world's biggest car market this year.

At Xin Hong Electric, I was struck by how many people were taking advantage of the rebate. We met up with a paper fan maker who had just bought a new fridge to add to his recent purchases: a TV, an air conditioner, a washer, and a microwave. He told us he had wanted to upgrade his appliances, anyway, and thought, why not do it now and save some cash?

That savers' mentality is said to have contributed to the imbalances in the world economy. Americans have been taking on too much debt and overspending, while Chinese (and certainly many other consumers in Asia) have been saving for a rainy day. Many economists say the government trade-in programs have had some success, but getting Chinese to feel comfortable spending will take a lot more work. They say the government will need to improve its retirement and health care programs so that people don't have to worry as much about paying large potential medical bills. The bottom line is consumers need to feel confident enough in the future to open their wallets today.

How confident are you in your home country's economy?

The old adage, “timing is everything” certainly rings true with the request by the Dubai Government for a standstill on payments by Dubai World for a period of a half year.

Investor confidence in Dubai, exemplified by developments like the palm islands, has been shaken.

As timing goes, it was curious at best, coming just before the Eid el Adha holidays in the region and the long Thanksgiving break in the United States. Adding to the intrigue is that Dubai successfully raised $5 billion in a bond offering taken up by two Abu Dhabi government controlled banks the same day

This left investors scratching their heads wondering what the motivation was. I spoke to a number of fund managers and bankers with investments in the Emirate and, like most politics in the region, there is more to it than meets the eye.

As one fund manager said,  Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai and Prime Minister of the UAE, is playing hardball. He is out to “teach a lessons to his boys.” His “boys” are the names which have become well-known power brokers in the build up of Dubai Inc. over the past two decades.

It has been a busy week for Dubai Inc.

Sheikh Mohammed cleared out his advisory board at the Investment Corporation of Dubai and pushed out the respected head of the Dubai International Financial Center who also served as Vice Governor of the UAE Central Bank.

The names on his advisory board included Sultan Bin Sulayem the Chairman of Dubai World and its property arm Nakheel. This I am certain was not an easy move by the Ruler.

Dubai’s rapid development was closely linked to the Palm and World property developments. I am sure we have all looked at their images offshore on Google earth at least once. Dubai World was also the force behind the high profile dust up in Washington with the P&O ports buyout.

Many I spoke to believe Dubai World is being singled out for good reason. Of the total $80 billion debt on the books, $59 billion of that comes under its leaky umbrella.

In fact, others within Sheikh Mohammed’s inner circle seemed to think it is only right for Dubai World to clean up their books like everyone else has been asked to do. That task is underway today with the help of accountancy firm Deloitte.

The other question being raised amongst global investors is the level of bench strength for Sheikh Mohammed or who he is turning to during this shake-up. Names at the forefront today include Mohammed Ibrahim Al Shaibani, Director-General of Dubai Ruler's court and Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre.

They were in Sheikh Mohammed's delegation during this week’s visit to London and the response to their moves has been positive so far, according to bankers and investors I spoke with.

There is a sense of irony after what has gone on this week. British Prime Minister Gordon Brown congratulated the Dubai ruler for the actions taken to respond to the debt challenges during the bi-lateral meeting. It is something the PM knows a great deal about, with U.K. government debt soaring to 12 percent of GDP.

That nod of goodwill came before Dubai’s request for a standstill agreement, and left investors wondering what is next.  As one regional economist said this was a “disappointment in a way.” Dubai Inc. had cleared all the hurdles on the path to recovery but appears to have stumbled on this one.

The Dubai Air Show was not a glamorous affair.  When one points to regional orders from Algeria and Ethiopia to mark the highlights for 2009, there is a slight disappointment to be candid.  The total tally tells a similar story, some $5 billion of firm placements vis-à-vis $155 billion from just two years ago.

In comparison to the state of the industry in Europe or America today, the result however was impressive.  We interviewed the CEO of low cost carrier Jazeera of Kuwait and asked him why profits were down 53 percent over the same period last year.  The German executive Stefan Pichler replied in a matter fact fashion: at least we are still making money.

I believe it serves as a good microcosm for the region in general as it searches for the bottom of the crisis.  Businesses are not witnessing runaway growth, but they do see light at the end of the tunnel.  For example, the big brand carriers in the region, Emirates, Ethiad and Qatar are not cutting back their original commitments, only stretching them out if necessary.  It is worth noting that the carriers seem less concerned about posting profits right now, but building out their brands and their market share.

With oil trading around $80 the scope to build off the foundation recently put down is there.  Sheikh Ahmed bin Saeed Al-Maktoum chairman of Dubai’s Supreme Fiscal Committee and Emirates Airline told us that the second half of the $20 billion government bond package should come by the close of the year.  If so, and if there are buyers beyond the UAE central bank, it will be an important indicator.
 
I chaired a forum of business leaders in London this week and found that most believe a firm floor is being put on this economic recovery in Europe as well.  Germany, France and Italy are growing again, albeit all below one percent in the last quarter.  Spain and the U.K., both overly dependent on the property sector, are suffering under the weight of their budget deficits.  It is a similar script being written in the United States. 

But there was categorically a belief there won’t be any hidden surprises, with an important caveat that policymakers may be already planting the seeds of the next financial crisis – in sum too much money thrown at the banking system that will eventually fuel inflation.

Meanwhile, the energy surpluses continue to fuel investments on European soil.  The relatively new investment arm in Abu Dhabi is moving swiftly post-F1 to raise its profile, buying Brawn Grand Prix with partner Daimler.  It also plans to raise its stake in the German industrial group to 15 percent.

Qatar is choosing to continue its investment advances in London.  There is active talk the QIA wants to raise its stake in grocery chain J. Sainsbury and after the Americans leave the posh neighborhood of Mayfair, Qatar will take ownership of the current site of the U.S. Embassy.

These investments may not raise the GDP figures in either Germany or the U.K. but do help us in our search for the bottom.

Looking back on this year to early March, you'll find the precise point when the U.S. stock market seemed to find its bottom. The Dow has had a tremendous rally since then, but just about everyone is concerned about what it means.

Dropping commercial real estate values is leading fears of a double-dip recession.

Does the recovery lack any real support from economic fundamentals? It is jacked-up on stimulus programs that governments will soon try to unwind– and with what consequences?

Many analysts argue that the consequence will be the dreaded double dip.

As Mark Zandi, chief economist for Moody's Economy.com, told CNN Money this week: "If we do slide back into recession, it will be very difficult to get out."

Some economists are so concerned they want another round of stimulus early next year because the U.S. labor market is still so weak.

About two months ago, I sat down with Steve Palm of "Smart Numbers," a Real Estate analysis company. He feared that so many commercial developments and large housing projects were defaulting it all but assured a double dip sometime in the middle of 2010. It was a dire prediction that stuck with me.

Checking back with him this week, I am sorry to say that the situation from his vantage point is no better. Palm still sees "Way too much stuff coming back to the banks." "This is causing poor liquidity as the banks still cannot lend. The dollar is way too weak too."

Small regional banks continue to go under across the United States. Most of them are going down because of foreclosures on large commercial real estate ventures. Palm sees no end in sight, and fears that if unemployment keeps mounting and housing indicators start falling again, it will be ample evidence of the "W-shaped" trend that analysts say signals an imminent double dip.

The bankruptcy rate further complicates how to gauge this recovery. As unemployment drags on and home values continue to suffer, personal bankruptcies surged 9 percent in October, with a 7 percent jump in business bankruptcies. The American Bankruptcy Institute also expects total bankruptcies in 2009 to reach almost 1.5 million. That's an increase of 30 percent from last year.

Analysts say given all of these factors, the way governments unwind the current stimuli will be key in determining whether the recovery is sustainable, or whether it slides once again. How will we know? CNN Money.com has a great primer on six key indicators to watch if you're concerned as well.

How to protect our own investment portfolios in 2010 is something we should all be discussing. Stay tuned for more on World Business Today.

How do you find the right financial advice? First find the right financial adviser. CNN's Andrew Steven's reports.

In an special Web exclusive, an extended chat with John Gannon of the Financial Industry Regulatory Authority on sussing out the best financial adviser.

After only a year on the ground in Europe as a young twenty-something correspondent, I was thrust into coverage that one knew was not only historic but would have grand implications for years and even decades to come.

I landed in Berlin two days after the fall of the Wall, but was fortunate enough to cover the IMF/World Bank meetings the year before in the same city.  While the institutions are often criticized for not having their finger on the pulse, in this case they were well ahead of the curve on how events were going to unfold.

During those meetings, I ventured over to East Berlin to experience for myself the impact of the communist led economy.  On countless occasions I was approached with whispers in my ears to swap dollars for East German marks on the black market.  Border guards snapped photos of western visitors like me for their files knowing full well that this cat and mouse game was drawing to a close.  One could only describe the experience as grey – from the look on East German faces to the buildings themselves.  

That visit helped me draw a clearer “before and after” picture.  Immediately after the Wall fell, West Germans embraced their neighbors, welcoming them in from the cold.  That euphoria quickly faded when it came to paying the bill for reconstruction, welfare payments and years of double digit unemployment.

The political impact of the fall of communism has been well documented, but what has often been left out of the discussion is the economic domino effect that it triggered.  First and foremost, East Germans were not willing to accept the original 5-1 exchange rate for their currency, nor the 3-1 that was quickly offered.  They demanded parity and within two short weeks received it from German Chancellor Helmut Kohl.  The move cost a fortune (an extra $50 billion) but in an historic context, the Chancellor made the right call.

Events were transforming so quickly, governments had difficulty keeping pace with change: German monetary union, the first all-German elections and fast on its heels the creation of the European single market – project EC (for European Commission)
1992. 

Perhaps because we have the benefit of hindsight and experience, the leaders two decades ago seemed much better equipped, despite fears then of German dominance.  Chancellor Kohl, Francois Mitterrand and Margaret Thatcher were the forces to be reckoned with.  They were pushed and prodded along by European Commission President Jacques Delors who drafted up the blueprint for greater expansion of the EU. 

They were thinking big at the time, you could sense that from the summits we covered.  Despite internal fears and haggling that took place, they eventually delivered on their promises.  The Euro is now a major force in global currency markets; the EU is home is 27 countries (albeit with a tinge of expansion fatigue) and it is a market of a half billion consumers. 

Have reforms happened fast enough?  The answer is clearly no.  Is there an issue of illegal immigrants flooding in still through Eastern and Southern Europe?  Ask those who live in Malta, Spain, Greece and Italy.  And are the more mature economies of Europe adapting to increased competition after the lowering of trade barriers?  Candidly no.

But if one takes a step back, many who doubted the decisions in 1989 and the years to follow must now say the European response and development post the fall of communism has been much more successful than originally thought, minus the labor reforms which today still hold back opportunities for the next generation.