Give him a tall building to boost his ego.
It reminds me of the authentic Bukhari hadith, one of the portents of the end of days will be when:
“you see poor, naked, barefoot shepherds of sheep and goats competing in making tall buildings”
I got to see this up close and personal recently, though I missed the opening of the Burj by a few days, I can appreciate the engineering that goes into it, and a nice sunny climate in the middle of December does a lot too help the ambience.
Dubai for me is nothing but a disneyworld for grown ups, every vice imaginable is serviced, and yet there is no sustainability about the entire project.
Yes I’ve heard it all before, “this place was a desert 50 years ago”, when you have to import everything from the labour to the food to deliver this project, ask yourself how long this can continue for?
The bubble has burst, there are many building projects that have laid down tools, due to no money being available.
Let’s consider just a few economic indicators:
The investment arm of the Dubai government, Dubai World, defaulted on $59 billion US in debt and asked lenders for a reprieve on repayment until May. In mid-December, neighbouring Abu Dhabi threw it a $10 billion US lifeline.
In November, Nakheel, Dubai’s property developer and part of the heavily-indebted Dubai World conglomerate, asked Nasdaq, the US stock exchange, to stop trading its bonds, falling 7.3 per cent over a 24 hour trading period to almost the 10 per cent maximum fall cap allowed.
In September, Istithmar World, the sovereign wealth fund of Dubai, scaled back it’s investments as it undertook an overhaul of its operations.
Earlier in 2009, droves of Dubai’s Slaves packed up and went home.
Even the expat community are getting jittery, one describing the scene in Dubai at the time of his departure a few weeks ago as:
“Like a war without the violence….people were fleeing the city en masse, terrified, leaving all of their belongings behind, unable to pay off many of the debts they incurred”