New Delhi, May 13 -- The doomsday drumbeat about Dubai's imminent death began within days of American attacks on Iran and the latter's retaliation against the UAE and other US allies in the Gulf.

Leading global media outlets ran roughly similar stories on the loss of Dubai's "safe haven" identity, a scramble to leave by the uber-rich class that the city had attracted in the past two decades and its falling property market and decimated tourism economy. "Could this be the end of Dubai?" asked the New York Times. "The shine has been taken off: Dubai faces existential threat," wrote the Guardian.

While there is no doubt that the Iran war has been a shock to the whole region-even the whole world in some ways, India very much part of it-thes...