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Cardinal Slin
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A good story to help people understand the economy of Dubai as well as what Dubai is all about at the moment
Property: Dubai here I come - Telegraph
Property: Dubai here I come
Last Updated: 12:01am BST 11/10/2008Page 1 of 2
Bright young things are building a life amid the glitzy malls, towers and beaches of a city on the up, says Anna Tyzack
It is the tower to trump all others. Soaring more than half a mile out of the desert, Dubai's latest skyscraper was unveiled to the public on the day the FTSE sank to an all-time low. The Nakheel Tower, which comfortably eclipsed all rivals at last week's Cityscape property showcase, will dwarf the current record-holder, the 800m Burj Dubai. International investors, eager to buy off-plan property in the city's newest developments, gasped as the £22 billion project was revealed.
"The market here is still growing fast," says Manal Shaheen, of Nakheel, Dubai's most prolific developer. "The effect of the economic crisis is going to be very minimal."
The city is often compared to New York at the beginning of the 20th century: a metropolis in the making; a place of opportunity and vision. Except it is also a tax haven and has guaranteed sun all year round. "Everyone here is competing to build the biggest, or the tallest," says Alex Delmar-Morgan, a 27-year-old London journalist who moved to Dubai three weeks ago to work for Arabian Business.
Alex is one of an increasing number of young British expats being kept awake by the sound of cranes through the night. He enjoys the buzz of living in the world's fastest-growing city: "It's exactly how I imagined it to be - it's kitsch," he says. "But it's a chance to live in a new place and progress up the career ladder more quickly. And I can have cocktails on the beach after work."
Continued in the link...
Not immune to the global crisis but very much limited to the impact - it's business as usual.
Property: Dubai here I come - Telegraph
Property: Dubai here I come
Last Updated: 12:01am BST 11/10/2008Page 1 of 2
Bright young things are building a life amid the glitzy malls, towers and beaches of a city on the up, says Anna Tyzack
It is the tower to trump all others. Soaring more than half a mile out of the desert, Dubai's latest skyscraper was unveiled to the public on the day the FTSE sank to an all-time low. The Nakheel Tower, which comfortably eclipsed all rivals at last week's Cityscape property showcase, will dwarf the current record-holder, the 800m Burj Dubai. International investors, eager to buy off-plan property in the city's newest developments, gasped as the £22 billion project was revealed.
"The market here is still growing fast," says Manal Shaheen, of Nakheel, Dubai's most prolific developer. "The effect of the economic crisis is going to be very minimal."
The city is often compared to New York at the beginning of the 20th century: a metropolis in the making; a place of opportunity and vision. Except it is also a tax haven and has guaranteed sun all year round. "Everyone here is competing to build the biggest, or the tallest," says Alex Delmar-Morgan, a 27-year-old London journalist who moved to Dubai three weeks ago to work for Arabian Business.
Alex is one of an increasing number of young British expats being kept awake by the sound of cranes through the night. He enjoys the buzz of living in the world's fastest-growing city: "It's exactly how I imagined it to be - it's kitsch," he says. "But it's a chance to live in a new place and progress up the career ladder more quickly. And I can have cocktails on the beach after work."
Continued in the link...
Not immune to the global crisis but very much limited to the impact - it's business as usual.
