At New Year’s Eve in Dubai really, as usual, diversity is king. It is really a question of taste and personal attitude, what you are finally going to be choosing. You can be a devout Muslim and I guarantee you there is a multitude of parties where neither alcohol will be served – nor will there be naked women (as party attendees, nota bene) dancing on the beach.
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So, my personal New Year will be coming on January 4 – that’s when the Burj Dubai will finally be opening! I expect, then the financial crisis will really and completely be old news, and people will again be focusing on the future.Because the Burj Dubai is not only the most aesthetic high rise that has ever been built, but it also holds another, more objective historic record: It is not only the tallest building, but also structure ever built by man.
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The economist.com writes (Dec 14th 2009): “It (Abu Dhabi) provided $10 billion to Dubai’s government, more than enough to repay the $4.1 billion due on Monday to holders of a sukuk, or Islamic bond, issued by Nakheel, a prominent developer.” So you see, the trouble is over. Just as I predicted! So I can’t deny a certain satisfaction.
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So, the Dubai Borse, their stock exchange, showed a very impressive rebound on Thursday. It is a nice feeling to be proven right. Anyway, it is not just because I myself happen to have some investments going here in Dubai. I’m also thinking globally!. Dubai is an anomaly, no matter what standard you apply.
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When Dubai World requested a debt “standstill” two weeks ago, this made headline news around the world. Actually, I found that a bit surprising, all this media attention. In the world of economics, this is far less unusual than is now being suggested. Well, yes, but here we’re talking about Dubai, aren’t we? And apparently, for the emirate other standards do apply.
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