Good news, great news--good news: Dubai is way ahead of the curve when it comes to mimicking the bankrupt of the United States. Great news? Bernie Madoff has a perfect alibi.
Yet another thing to be grateful on this day of thanks.
After running out of good taste over a decade ago, it's nice to see their financial sector finally caught up.
Jeffrey Koons must be heartbroken; now where will he sell his wares?
@Trai_Dep: Please do not conflate Koons, an actual artist, with the mishmash of trash that passes for the Dubai art market at large. I know his work isn't everyone's cup of tea, and it's easy to lump him in with Damien Hirst and the rest of those wankers (did so myself for years), but for me he's in a category with David Lynch as America's most disturbing artist.
@shostakobitch: It will be as good, but you must eat it whilst drinking a martini made with Trump Vodka (shaken with ice cubes made from Trump Ice Natural Spring Water).
Dubai was always a bubble, but unlike, say, Hong Kong, it was a bubble that was not also an important trading or financial centre. There's not a snotload of oil or any majorly lucrative natural resources there, either. And once the tourists realized you couldn't just fuck on the beach and throw your shoes at the religious police when they came to arrest you, well, it was just a matter of time.
@raincoaster: I always feel bad writing the place off as I am aware that there is actually a "historic" part that's as interesting as any old port in the region, but love a jumping duck, they didn't do themselves any civic favors, did they?
@RollsRoyceRevenge: But isn't the "historic" part a re-creation? That was my understanding. The Emirates as a whole have, of course, a long history, as has Dubai, but I thought that (like Shanghai) it had been busily tearing down everything old and replacing it with new things, to the extent of making a Dubai Old Town tourist attraction.
@raincoaster: What are you talking about, its ports are some of the most important and lucrative in the world and have long been key hubs between the East and the West. Jebel Ali is ranked the 8th busiest globally in volume of container traffic, for example.
The whole thing about Dubai is that its been one of the most important and foreigner-friendly regional trading hubs for hundreds of years, which is why it prospered despite not having much in the way of oil reserves. What's distinctive about Dubai is that its economy is diversified, and extremely diversified for that region. They're the number one regional financial center, for example. Even lately with the boom in real estate development, that's only 1/5 of its economy -- compare and contrast to New York City, where Wall Street had become something like 2/5 of our local economy.
Real estate bubble, yes. Not an important trading or financial centre, dead wrong. However, I do agree that it's a shame you can't fuck on the beach with legal impunity, either in Dubai or my town of New York. So barbaric.
@raincoaster: There is a "Historic" part (note the quotes) that may or may not be in one piece of this writing but which constitutes the original city. Not old by most standards, but a recognizable human environment with bazzars, etc.
@Solomon Grundy: The free zone wasn't established until 1988. That's what I'm talking about. The city has only had a documented existence of less than 200 years.
In 2005, construction and real estate were responsible for 22% of the economy. [www.ameinfo.com]
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Yet another thing to be grateful on this day of thanks.
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Jeffrey Koons must be heartbroken; now where will he sell his wares?
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The whole thing about Dubai is that its been one of the most important and foreigner-friendly regional trading hubs for hundreds of years, which is why it prospered despite not having much in the way of oil reserves. What's distinctive about Dubai is that its economy is diversified, and extremely diversified for that region. They're the number one regional financial center, for example. Even lately with the boom in real estate development, that's only 1/5 of its economy -- compare and contrast to New York City, where Wall Street had become something like 2/5 of our local economy.
Real estate bubble, yes. Not an important trading or financial centre, dead wrong. However, I do agree that it's a shame you can't fuck on the beach with legal impunity, either in Dubai or my town of New York. So barbaric.
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In 2005, construction and real estate were responsible for 22% of the economy.
[www.ameinfo.com]
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11/18/09
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11/17/09
11/17/09
Now with 100 percent more Koran! #dubai
11/17/09
11/17/09