Dubai Debt Toxic?

This from the Telegraph:
"This has been the most spectacular spending mission on Earth. But it's a mirage. If complex debt structures have brought the financial world to its knees, Dubai is the world's biggest toxic timebomb."
This from David Eldon, chairman of the DIFC authority, "Dubai has declared it can cover its debt for the next seven quarters. The infrastructure in Dubai is very good, the regulations are sound and there is openness to business. The city has strong economic fundamentals."
Time will tell.