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Didn't have to be an economist or investment guru to know what was going to happen.
Dubai is the poster child for excess and bad timing.
A big white elephant in the desert.
Let's see...
Build a cost-is-no-object energy and water dependent artificial world in the middle of the hottest and driest desert and where terrorists could be anywhere...
Yes!
I shall plunk down millions for a condo on a shaky sand island and armor plate and bulletproof my Benz so I can go to the grocery!
Location: The Greatest city on Earth: City of Atlanta Proper
8,486 posts, read 14,999,411 times
Reputation: 7333
Quote:
Originally Posted by Cobb
I understand that palm island is having sinking problems. people are walikng away from those homes and land plots on that island.
Who would have thunk you couldn't just drop a bunch of sand in the ocean and build a house on it and there wouldn't be problems
On a more serious note, the Dubai collapse is going to be more than spectacular. Almost $100 billion in debts with all the creditors calling it in. That's a recipe for disaster.
I've watched Dubai with the same awe that I watched the U.S., thinking "Does no one see what's going to happen? These folks are on a joyride."
Dubai as a Mideast financial center made sense, but that idea seemed to quite rapidly to spin off into uncontrolled grandiosity.
Man, me too. I kept looking at all these enormous buildings going up and asking myself, "Who the hell is going to want to rent there?"
If you're in the West, the last thing you want to do is put any kind of major operation in a corrupt, unstable, repressive Arab emirate that acts like something straight out of the 15th century. Admittedly, this is better than most of the Middle East, which acts like something straight out of the 13th century, but nevertheless.
In fact, this is probably an excellent symbol for the entire region. The oil revenue they have had has allowed the Arabs to ignore reality. Truth be told, when alternative forms of energy become affordable sometime in the next 30 years, the entire region will fall apart.
Doesn't Surprise me ONE bit. There was an earlier thread about how Phoenix needs skyscrapers like Dubai (which has the tallest in the world); however, I said it would be nice for Phoenix to have one but when I was in Dubai (last year) many of the buildings including the Burj Dubai (still under construction though) were nearly empty and/or just show pieces. Now it has caught up with them despite having the world's richest population and oil money. All that crazy, but yes cool construction projects, were too much too soon.
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Dubai the latest hit in the real estate bust.
