Dubai: The boomtown in crisis

Recently, "economic crisis" and "Dubai" seemed paradoxical terms. The Arab emirate has for years been associated with prosperity, permanent growth, infinite construction projects, huge investments, adventurous buildings and the world's ritziest hotels. Until lately, Dubai seemed to be a vacation paradise as well as a job oasis - attracting people from all over the world. However, the global financial crisis reached Dubai. Two thirds of all real-estate projects came to a halt, foreign workers were fired and fled back to their home countries. Dubai is now just a shadow of its former self; deserted - with half-completed buildings, a high vacancy rate and saddled with crippling debt. While the former economic metropolis is deadlocked, its oil-rich neighbour Abu-Dhabi is rising to the position of the next boomtown. This book delivers information on Dubai's crisis and those buildings that have already been completed as well as those projects still under construction or being planned.