Sunday, December 7, 2008

Is Dubai’s Party Over?

BUSINESS

Is Dubai’s Party Over?

The glitzy façade shows some cracks.

Locals watch the fireworks explode over the Atlantis resort in Dubai last month. The display was so enormous it was literally visible from space.

Locals watch the fireworks explode over the Atlantis resort in Dubai last month. The display was so enormous it was literally visible from space.

By Christopher Dickey | NEWSWEEK

4 comments:

Anonymous said...

the bigger and the taller they build, the harder the fall

kittykat46 said...

Dubai's free-spending "party" was fuelled by massive profits from oil.
Now that the price of oil is 40% what it was earlier, their style is going to get crimped substantially.

There's still plenty of oil there, and it will continue to be a wealthy country for a long time. But the "party" is over, for now.

Jonathan's Parody of BolehLand said...

Now we know why the leftist arabs are dying to get their hands on this wealth? and why these rich sheikhs are spending just as much millions to make sure they stay in power!

Atlantis sank and is still a mystery if it ever existed... will this fake atlantis meet the same fate because the gods are angry that mankind has neglected his brethren and cared only for his own greed? see 'atlantis opulence' www.jonathan66-my.blogspot.com

SM said...

HL,

For the moment, there seems to be lots of US$ flowing into Dubai because of its "Tax Free" status & the "special" treatment & benefits given to the Millionaires, Billionaires & Movie Stars who have property in the various Dubai Projects.
Then, there is the "Oil Money" still flowing through its "veins".
It may not be today, & not tomorrow, but sure enough, one day the "bubble" is going to burst!