Every week, the show focusses on one major city that is doing extremely well. This episode was focussed on Dubai. I cannot imagine anyone who has not heard of Dubai especially in the last few years. I had not paid too much attention to Dubai until last night. Watching that show made me realise what a heck of a city Dubai is.
This is one city that has seen a meteoric rise from a barren sandy desert to glittering skyscrapers. All within a period of 20 years! Now that is amazing. How was this possible then?
It all started with the vision of the then ruler, Sheikh Rashid to turn Dubai into a major player at the world stage. The development really accelerated when his son Sheikh Mohammed took over as the new ruler.
Dubai was built on the backbone of the oil industry but that now only accounts for less than 6% of its total revenues which is a sensible move considering oil is a non-renewable resource. Therefore the fundamental idea behind Dubai's insane progress is to attract as much foreign investment as possible. For instance, it attracts billions of dollars of foreign investment due to its tax free laws making it a tax haven for avid investors.
Another major source of income is of course real estate. Dubai has completed some of the largest and ludicrously innovative construction projects anyone has ever seen or heard of using construction workers who come mostly from South Asia making up about 250,000 of Dubai's population.
- Dubai Palm Islands - These are made up of Palm Jumeirah, Palm Jebel Ali and Palm Deira. Each in the shape of a palm tree. And yes, they are man-made islands and they add 520km of beaches to the city of Dubai. These islands house luxury villas, apartments, restaurants, shopping malls, sports facilties and whatever money can buy.
- The Dubai World islands - This is perhaps the most daring project ever undertaken. As with the palm islands, these islands are man-made and constructed in the rough shape of the earth. They consist of 300 islands representing the countries of the world. Each island has been known to fetch anything between $15-$50 million USD.
- The Dubai Burj Al Arab - This is the 3rd tallest hotel in the world with its own helipad. Its shape is meant to mimic the sail of a boat and represents Dubai's phenomenal urban transformation. Staying here in one of its suites can set you back $USD2000-$28000 per night! Just writing that made me sweat.
- Atlantis Hotel Dubai - If you can afford to stay in this hotel then you have made it in life. Sitting on Palm Jumeirah, one of the highlights of this hotel includes the underground Aquaventure theme park where you can see the Lost World of Atlantis recreated in the Lost Chambers. Some of the biggest names in showbiz attended its official launch party: basketball legend Michael Jordan, business mogul Sir Richard Branson, the ever cool Denzel Washington, gorgeous Charlize Theron, the amazing Jonas Brothers, the funny Chris Tucker just to name a few. With Kylie Minogue blazing the stage and the Dubai night skies illuminated by $16 million worth of fireworks, it was a night to remember. In fact the fireworks were so grand, they were visible from space. If you thought the fireworks for the opening ceremony of the 2008 Beijing Olympics was big, this was 7 times that.
- Dubai Burj Khalifa - Also known as the Burj Dubai, this is the latest addition to Dubai's construction achievements. At 828m high, it is the tallest building in the world. That is a dizzying height.
- Dubailand - This is another of Dubai's ambitious projects that is underway. When completed this will be the world's largest theme park. Structures in the theme park include life-sized replica of India's Taj Mahal and France's Eiffel Tower.
Dubai has attracted some of the world's richest and most powerful individuals to pour money into its economy. Showbiz personalities, sports stars, business tycoons and the like. With property prices skyrocketing, it is estimated that if anyone bought properties in Dubai about 5-6 years ago, these property prices have risen to about 6 times the original price today! Most of them have reported to have made money on their properties without even setting foot on them!
Amidst all these frenzy, the truth is that Dubai supports its projects with loans which makes it very vulnerable. In November 2009, the news that Dubai could not meet its loan payments sent stock markets into free-fall. Now the question beckons. Can Dubai continue to grow and sustain its lavishly ambitious projects? I guess at this point, only time will tell. Frankly, I want them to succeed. I want to see what other bonkers ideas they will come up with and turn them into reality.
