Dubai, “The Gold City”
Known for extravagant billion dollar real estate projects, Dubai has been forced to temper its expansion late last year after a state-owned developer was forced to restructure its debt. Now it builds only the bare essentials. In Dubai, the workers are constantly working, but not as they did two years ago, but only a few new projects financed by government funding.
An airport two times higher than London‘s Heathrow, highways that are growing visibly and an underground transport system means that will be put in place very soon, expect the bustle of people that the management expects once the savings of the world will recover from the economic crisis.
Strongly affected by the crisis, the Dubai emirate abandoned temporarily the artificial island in the form of palm oil to make way for more pragmatic project aimed to regain its status as a bridge between Western economic powers and the oil-rich countries in the Middle East.
While the world struggled because of the recession, Dubai has continued to build an airport and an envy infrastructure. When the world recovers from the economic crisis, Dubai will expect everyone with the arms wide open.
Compared to the other countries in the region, Dubai’s economy has withstood the crisis better because of maintaining high quality services, but in the absence of income from agriculture, petroleum industry, is dependent on tourism, trade and international banking.
Moreover, a surplus of office and residential space has led to a fall in property prices in areas outside the scratch. The housing market crisis has not spared Dubai; it has created thousands of property disputes concerning the uncertain status, and the judicial system in Dubai, with pronounced archaic touch, led the West to think twice before anyone invested here.
The International Monetary Fund (IMF) predicted for the Dubai Economic decrease of 0.5% for 2010 after last year was 2.5% lower. However, the situation might improve in the future: Dubai World has reached an agreement with creditors to restructure $ 24.9 billion (18.3 billion), while Dubai International Capital, plans to pay debts of 2.6 billion (1.9 billion) by selling assets.
To a large extent, depend on future plans for Abu Dhabi to Dubai, the patriarch of the United Arab Emirates has decided to help the neighbor with $ 20 billion (14.7 billion) at the end of last year. Between the two emirates date back generations of strong relationships fostered by strong family ties. Abu Dhabi, which receives considerable revenues from the sale of oil and prolific developed diplomatic relations, is the main U.S. ally in the Persian Gulf. It is clear that Abu Dhabi is controlling Dubai’s every move, because it has money.
Abu Dhabi will always support the neighbor due to the strong links, but that does not mean that this will happen a long time from now. However, still almost all major corporations such as General Electric and British bank HSBC have established their regional headquarters in Dubai. If the situation would worsen considerably here, nothing would prevent these giants to move to Abu Dhabi or elsewhere in the region.
Dubai has the best infrastructure in the area. The situation now is not the end of Dubai, but just a painful fall. Even if it has a security system with transparent authority, with cameras on the streets and authorities who encourage their citizens to report misconduct that violates the unwritten moral standards of Dubai, the emirate is still the most Westernized thinking and tolerant of the region despite the growth of Islamic fundamentalism.
Burj Khalifa tallest building in the world is 998 feet tall, 160 floors, 57 elevators, 1,044 apartments and a hotel. Downtown Burj Dubai is a district of one billion dollars, with 30,000 apartments and the largest shopping center in the world with 1,200 stores. Al Maktoum International Airport the largest in the world will be ready in 2017 and will cost 30 billion dollars. World Center Dubai airport world’s first platform will be built near the Al Maktoum International, similar to a city, it will provide restaurants, malls, centers exhibition space and a golf course.
Dubai is a city capable of offering everything a tourist would want: insight into history, endless amusement in the interest of everyone, luxurious shopping at malls or in traditional Arab markets, skyscrapers, hotels and well maintained most kitchens the world famous beach, sun, sea, jeep rides through the desert but snow and ski slopes, snowboarding, skating.