DUBAI, UAE, OCTOBER 24, 2011: Dubai never ceases to amaze me. Four years ago, I visited this bustling oasis on the Persian oooops Arabian Gulf. Then it was booming so much that it had cornered the world’s supply of construction cranes. Everything seems to have been under construction. The Dubai Palms and World Island projects were being built along with the world’s tallest building. People were flocking to Dubai to make money. Indeed, if there was one common denominator for why all the 120+ nationalities got along it was because they were/are all driven by the opportunity to make money, the chance for advancement and a better quality of life.
Since my visit, with the global economic collapse, It was reported in the western press that Dubai has suffered greatly so, on this trip, I was very interested to see what had actually happened.
The first thing I noticed when arriving at the airport, there were not the crowds which I jostled with four years ago – maybe this was due to the fact that the airport has doubled in size since my last visit.
While the city appeared to be bustling as usual, there was less construction going on. Not to say there was not a lot of construction during the four years of my absence. To my surprise, the Dubai Palms gigantic housing development was completed, a whole new Jumeirah beach tourist area was created with massive hotels including the famous Atlantis Resort. A new subway system was running. The gigantic Dubai Mall with skating rink was operational. Internet/Media city neighborhoods have been established with business giants such as Microsoft, Oracle and CNN, Reuters occupying major office space. The tallest building in the world was completed.
Not readily discernible to the average viewer, a lot of newly constructed business/residential buildings (including Dubai Palms) were partially occupied or not occupied at all – a lot of “For Lease” signs. Some buildings were left in a partial construction mode because funding had dried up. One famous problem development is the World Islands Development. This is an artificial archipelago of small islands constructed in the rough shape of the world. The World islands are constructed mainly from sand dredged from Dubai’s coastal waters. The project has come to a halt because of financing issues and the fact that some of the islands appear to be sinking.
It is always difficult to get a read on Dubai since transparency is not its strong point. According to officials/residents I talked with, Dubai has weathered the economic storm and is coming back. While their banks took extensive hits, I was told they are on the mend. This is difficult to independently confirm.
Suffice it to say, Dubai still has retained its special vibrance and entrepreneurial spirit. Most of all, it continues to provide that exceptional environment where 120+ nationalities can peacefully coexist in the pursuit of financial gain and a better quality of life. The rest of Arab World might do well to learn from Dubai’s spirit if sustained regional economic growth is to be attained..
