Can trust in Dubai be restored?

Over at An Emirati's Thoughts, Emirati blames lack of transparency for the creation of the Dubai debt problem, and argues that transparency is necessary for finding a the way out. If you think what we have here is merely a cash flow problem that might be true.

Or is the business simply not profitable? Is the Dubai debt crisis just a case of bad luck? Or did Dubai make decisions based on a false belief in its own business acumen? Were investors, knowing the lack of transparency, too gullible? Is this a matter of over expansion of what was at heart a good business plan?