Sad Reality of the Dubai Bust

10/12/09 Stockholm, Sweden – With a part of the Agora Financial team touring Dubai it makes sense to cover some of the difficult realities one particular manufactured paradise, “The World,” is encountering.

The World is a group of 300 man-made islands in Dubai developed to mimic a map of the globe. An ambitious project to say the least.

But times are tough. Brangelina have ditched plans of purchasing Ethiopia, an Irish investor committed suicide instead of following through on a dream of building an Ireland theme resort, and it appears that many other grandiose projects have been put off for the foreseeable future. As Time describes, “many architectural fantasies in Dubai … now appear to be shimmering mirages,” in a “futuristic, five-star ghost town.”

Nowadays, it seems the Dubai merchandise moving the quickest is suitcases… roughly 5,000 units are sold daily to workers heading home jobless.

Thanks to The Coming Economic Depression for getting The World’s collapse on our radar.

Rocky Vega

Rocky Vega is a regular contributor to The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.

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