Dubai, called by some as a dream in a desert; a gate way between the east and the west. Home to some of the world's tallest and buildings and to the only underwater hotel, Dubai may seem like the embodiment of magnificence, but beneath it's appearance of perfection there lies a dark secret. While Dubai may seem to be in a position of economic bliss, Dubai has been racking up billions of dollars in debt and there is no indication of it slowing down. Even though the United Arab Emirates are in an economic downturn, they still continue to spend vast amounts of money, a habit which will not prove well for the country in the future.
One of the main factors in Dubai acquiring billions of dollars in debt was from the real estate sector. Dubai had been building tons and tons of infrastructure, buildings, malls, and even islands but when the Global Recession hit in 2008 everyone stopped buying. Simeon Kerr, in an interview states that "there are two major drags on the economy... one is the debt burden... and the other is the real estate"("Dubai's Debt Burden"). What Simeon Kerr is saying is that once the global recession hit, everyone stopped buying real estate and when they did they dropped so much in value that the firms, business, and people selling the properties were losing money even if the properties were sold. Robert Worth, in his newspaper article, illustrates just how much the real estate prices dropped by when he says that the real estate prices fell thirty percent and sometimes at an even greater margin ("Laid Off Foreigners Flee as Dubai Spirals Down"). As it can be seen, this gigantic drop in real estate prices caused nearly every real estate firm to lose money. Because of all of this money that was being lost, the ...
... middle of paper ...
...ties in the world. It is home to the world's tallest building and to the world's largest mall. Unfortunately, Dubai did not get there without consequence. That consequence is the debt burden that they are currently under. As a result of Dubai's insatiable spending they piled up an exorbitant amount of debt and are still paying it off. The outcome of Dubai's debt race could spell the future for many other emerging countries. If Dubai, who at first looked so perfect, is overcome by debt, investors will be less likely to take a risk by investing in a developing country and will instead keep their money where it is safe. But in the end, if Dubai continues to spend it's money instead of paying back its debt there could be severer implications in the future such as a loss of international interest and it could even revert back to the desolate desert it used to be.
Although I do agree with his predictions about Turkey rising as a major military and economic power, along with the decline of population which is clearly evident now (Dr. James example with grandparents having more kids than their parents), and the usage of space for military purposes and development, I did not agree with him on issues such as the lack of population leading to massive immigration, China not rising as a major world power, and the rise of Poland as a threat to the United States. Friedman made great strides to cover most of what he believes may happen in the next century, but I do believe that he left some out that may happen in the next decade. The United Arab Emirates is currently ranked as the twenty eight largest economy in the world with a GDP of approximately $440 billion. Located in a troubling region with a lot of social distress, the United Arab Emirates has increased their military force significantly. According to the Stockholm International Peace Research Institute, the United Arab Emirates was the fifteenth highest country with military expenditures (Bienaimé and Rosen). Moreover, halfway through 2015, they are becoming the third’s world largest defense importer (Bienaimé and Rosen). The United Arab Emirates does have the infrastructure and facilities to create a powerful military not only for defense in the region but for expansion too. The United Arab Emirates is modernizing and commercializing at an unbelievable speed. Dubai, one of the most famous cities in the world for its Burj Khalifa and other amazing skyscrapers, and in addition building their own offshore islands – The World Islands. Dubai already has a major airport – Dubai International Airport – the seventh busiest airport in the world and the busiest airport in the world by international passenger traffic. Dubai International Airport has increased tourism which therefore increases the amount of
The London Docklands are a particularly unique area of London; the area possesses a rich history as a major seaport, but is also now home to one of London’s largest financial centers. In essence, the London Docklands are a junction where history collides with the present. Within this essay, I will discuss how efforts to conserve the past of the London Docklands conflict with its current development. One the one hand, the Museum of London Docklands (MLD) acts as a prime example of efforts to conserve the area’s rich yet dark history. On the other hand, the development of Canary Wharf, a financial power center, symbolizes the future of the area, with little to no attempts to preserve the Docklands’ history. I will use supplementary sources from
Dubai – the land of dreams, lavishness and vivacity, has always beguiled tourists, travelers, vacationers and backpackers from across the world. From the majestic high-rises like Burj Khalifa to vacant desolation, from the scorching desert to the snow skating rink, Dubai has always offered a wide range of opportunities for someone looking. However, travelling around Dubai and witnessing its rich heritage takes more than paying to the local travel agent. Further, not doing enough research will only disappoint your for the price you pay.
Macau, A city with a mixture of Portuguese and Chinese culture also known as the first and last European colony in Asia. It is located on the south-east coast of China. Macau is a largest unique destination with a stunning nature in the world. It is a place to find the traditional Chinese culture while enjoying the exotic overwhelming Portuguese buildings. Macau, the name itself describes it as a city of temples which was the shrine dedicated to Mazu, a sacred goddess. Mostly visitors conclude that it is a location that suits tourists as it is a beautiful city. The city has vibrant atmosphere with hill mounting landscapes.
From opening gambling industry and lax enforcement of Alcohol Prohibition, Miami has gained momentum to develop and a liberal approach is consistently used to lure flow of talents, capital, trades and information. The freer the flow, the more the development, it is a benign cycle with positive reinforcement. With growing competition for investments and tourists in the era of globalization, Miami rebranded itself a “Global City” and “Media Capital” utilizing its leading position in American pop culture, cultural prominence and advantageous tie to Latin America clients. Recent focuses are on media broadcast, information technology businesses and healthcare services. City redevelopment and landscape projects regained impetus to shape a city of
Marseille is the oldest city in France. Its current architecture and its people reflect 2600 years of history closely linked with its port. In the 1st century BC, Marseille lays the foundation for its port, a pool of 2 ha and 4 m deep is dug in the North East of its current well known “Vieux Port” (Old Port). The Edge of this port is an extensive basin for navigation. The city quickly builds an important fighting fleet and will colonize territories in Spain, in the Languedoc, Antibes and Corsica.
As the UAE is made up of 7 Emirates so each of them have their own governmental organisations which allows for the smooth running of their economy.Dubai occupies the vice presidency,second after Abu Dhabi which has its own law so its also a primal location.It is politically safe with low crime rate.
Iran, Oman and Saudi Arabia have some of the highest unemployment rates of the countries that border UAE all over 10%. Qatar has remained steady the past two years with a .5% unemployment rate mainly due to its small population and diversified economy (CIA -World Factbook). Diversification has been the focal point of the UAE for the past few years. In an attempt to release itself from total dependence on oil, UAE has begin development of new plants and factories. UAE has also increased spending on job creation and enforcing the rights of its labor force (CIA-World Factbook). Education has also been receiving more attention with the development of secondary education institutions and a number of fine institutions of higher learning have begun to be established. With the development of new plants and factories, economic recovery, and emphasis on education and entrepreneurship, the UAE has begun the processs of creating more job for its
One of the most topical subjects regarding the UAE concerns the cost of living. The Economist Intelligence Unit placed Dubai and Abu Dhabi as the 71st and 82nd most expensive cities in the world to live and Mercer HR Consulting placed them at 25th and 30th respectively. The cost of living in Dubai has increased rapidly, and the same is occurring in Abu Dhabi more recently. The cost of living is sure to increase over the coming years, most probably due to accommodation. While rent, on its own, should account for at least 50% of your cost of living (though official cpi figures place it at between 30% and 40%), we felt it important to look at other goods and services available. We have thus put together a spreadsheet of data so that you are able to calculate your own cost of living, should you come to the UAE.
The data collected was per capita, Qatar’s number ranked at $129,726. (3. INSERT CITATION). As it turns out, Qatar hasn't always been this successful. The nation could almost be derived as the “little brother” of the United Arab Emirates. “Saudi Arabia’s immense oil wealth and leading role inOPEC conferred international attention on it, and the United Arab Emirates (UAE) had Abu Dhabi and Dubai, whose vibrant growth seemingly transformed these two emirates overnight into global cities and centers of business, finance, and tourism. But Qatar and its central city Doha seemed lost in the middle.”(4. INSERT
Dubai is one of the largest of the seven states of the United Arab Emirates spreading over an area of 3885 kilometers. Ruled by his Highness Sheikh Mohammed bin Rashid Al Maktoum it has turned it into one of the leading cities of the world within a very short span of time.The economy of Dubai is highly dependant on the oil sector,tourism sector and trade free zones for its revenue. Besides these Dubai has also undertaken in numerous development projects including hotels,residential properties,beaches and parks.The official religion of Dubai is Islam and and quite a few picturesque mosques can be found in and around the city.Approximately 2.7 million people
Burj khalifa is known to be the world’s tallest building in the world. The development and the construction of the Burj Khalifa project began in the year 2004 and the external part was completed in the year 2009. The building is generally made up of concrete because it is a strong and lasting material that can withstand all types of weather conditions. The building is established in city of Dubai and was opened in the year 2010 and renowned as Downtown Dubai. The project was purposely developed by the government so that they could expand their investment and diversify its efforts on oil producing economy. The government of Dubai decided to formulate this project so that it would make Dubai recognized by the world. The project developed
The United Arab Emirates (U.A.E) has been one of the most economically developed economies in the Middle East. Its levels of development have far exceeded everyone’s expectations especially in the fields of Tourism, Investment, and Real Estate. As a result, the UAE became one of the wealthiest countries in the Middle East scoring “3rd Under GDP per capita” (Middle East: GDP per Capita, n.d) . The UAE has a population of over 9 million Residents which “88% is made up of expats”( Expats make up over 88% of UAE population,2011).Yet, the country still tries to maintain its National identity and culture for further years to come.
Kuwait, also known as The State of Kuwait, is a small country that grabbed the attention of the world shortly after World War II because of its vast oil revenues. Sitting in the middle of trade routes from Europe to Africa and Asia, its geography and geology have shaped its development as a nation.
Singapore gained its independence in 1965.It has been growing gradually and increasingly in the economy. I is now included among the world’s most competitive economies. This was made possible by being an public business globally, with a good business environment and a substantial political market, making it a popular country to invest in globally.