12/03/09 Stockholm, Sweden – The emirate we’ve frequently referred to as Dububble has had a spectacular rise and similarly splashy fall. Fast Company has captured the latter portion of its history in a series of photographs that help you to visualize the scale of its collapse.
As it describes, “Deserts have a way of reclaiming whatever is built upon them. In the case of Dubai, the global financial implosion has sent that process into overdrive. After six years of frenzied expansion, during which the emirate’s population grew at 7% annually and nearly $600 billion went into construction (the world’s tallest building! the world’s largest shopping mall! the biggest man-made island! an indoor ski resort!), reality has come rushing into view.”
See the pictures and descriptions in Fast Company’s slideshow of Dubai going off the deep end.
Rocky Vega
Rocky Vega is publisher of 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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I’m not so sure. A lot of money has been invested that’s true, but Dubai is a unique attraction in that part of the world for its liberal and western attractions if you know what i mean. I haven’t been there but things I have read suggest a lot of rich people are still going there and eating at expensive restaurants and spending at flash malls. Dubai dead? Not by a long shot.