True, but why do the Chinese want to finance the USA? Do the Chinese get any leverage over Middle oil flows or American Wheat flows by financing those regions wasteful spending? The IMF and World Bank and Western governments used to like the degree of control they got in African Nations by financing the wasteful spending of African leaders. Now the Wester leaders resent the new Chinese competition for control of Africa through Chinese financing of African leaders wasteful spending. The West also resents Chavez/Venezuela's entrance into the control through financing game. But does control over Dubai create any leverage in Abu Dhabi or Riyadh?
I'm not sure if it's a waste, but the amount of skyscraper construction in Dubai is unmatched anywhere in the world I think. Almost every building in the following pictures is still under construction or was built in the last few years, it's very impressive : Please Register or Log in to view the hidden image! Please Register or Log in to view the hidden image! Please Register or Log in to view the hidden image! "Burj Dubai", tallest man made structure, building, office tower.
Impressive? yes. Incredible stupid and not based on reality? yes too... One reason cities build skyscrapers is because land is expensive. I assume in the desert land isn't really the priciest commodity...
Land in general, no. But land near the coast - and so, everyone and everything else - is a different story. There's a reason they built those artificial islands just off the shore, to pick a more illustrative example. Likewise, there's plenty of unused land in New York state. Yet people continue to spend billions to build skyscrapers in Manhattan. The issue here isn't geographic; these would be reasonable things to build if Dubai was a thriving commercial center with a population 10 times its current size. Rather, it's that this infrastructure is out of any proportion to the actual permanent economy of Dubai. Obviously the idea is to build such a city from the top down, but that seems both unrealistic and intensely hubristic. Dubai is roughly comparable to San Diego in terms of size, population and GDP. Which is by no means an insult, but if you came around suggesting the construction of Manhattan-scale quantities of commercial real estate over the course of a decade, people would like at you like you're crazy.
Also nowadays it isn't important to be physically close to each other for business. Lots of hedgefunds moved to Connecticut from NYC when they realized that real estate is much cheaper there and clients would follow them anyway. So my point is, instead of building a 40 floors skyscraper next to the others they could just build a 5 stories building 5-10 miles out in the desert...If they really need the space, but as you pointed out, they don't even have enough tenants/owners...
True, but salvage of constuction materials, especially copper wire, should soon be a profitable business in Dubai. I bet some of the now unemployed Indians are good at that.
The thing about modern slave labor is that there is no such thing as an unemployed Indian in Dubai. When a foreign laborer loses his job, he's generally deported (some are thrown into debtor's prison). Apparently there were rows and rows of abandonded cars for the taking at the airport parking lot there, left by people who lost their jobs and fled the country. One report states that 3000 abandonded cars were recovered back in February, most with the keys in the ignition.
See 23 strange building planned or being built in Dubai here: http://english.people.com.cn/90001/90782/6837597.html One is following ski slope towers - in the desert heat: Please Register or Log in to view the hidden image! Associated text states it is called Dubai Land Ski Dome - a large-scale indoor ski slope which is one section of the super tourist project Dubai theme park. The project will cost one billion U.S. dollars. You know, as some congressman said long ago, "A billion here and a billion there and pretty soon you are talking about real money."
BBC Dubai's government has announced it has been given a $10bn (£6.13bn) handout from United Arab Emirates neighbour Abu Dhabi to help it pay off its debts. It will use $4.1bn (£2.5bn) of the money to bail out the government-owned investment company Dubai World. The company's property development operation Nakheel needed the money to pay investors in an Islamic bond due to mature on Monday. "We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices." Hmmmm you mean "Islamic" bonds need to be paid back with interest just like any other bond ever invented anywhere in the world? Weird.... gee I thought Allah could do better? :shrug: A magical "Perfect" bond Please Register or Log in to view the hidden image!
After a month, they closed down the tower: http://news.yahoo.com/s/ap/20100209/ap_on_bi_ge/ml_dubai_tallest_building
