Word: dhabi
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...long time, the normal laws of economics did not seem to apply in Dubai, the most populous of the seven states that comprise the United Arab Emirates. Abu Dhabi, the seat of political power in the UAE, controls most of the country's oil resources. With less oil to tap, Dubai has used low taxes, easy money and cheap Asian labor to transform itself into one of the region's most dynamic economies. The city state developed a kind of signature swagger, expressed most gaudily in the gargantuan real estate projects - an indoor ski slope, man-made islands shaped like...
...gloomiest predictions - that the sand dunes will reclaim the skyscrapers - are overdone. Abu Dhabi has kept Dubai afloat by snapping up $10 billion of a $20 billion Dubai bond issue. Among other things, the bailout money has helped shore up the state-owned development companies behind most of those massive building projects. Still, the shakeout is probably not over yet, according to Saud Masoud, an analyst at the Dubai office of investment bank UBS. Masoud predicts house prices could eventually fall as much as 70% from last year's highs. "You can't just put in more capital," he says...
...helped put the region on the global economic map. In some ways, the boom became captive to a "mine is bigger than yours" syndrome. Competing states embarked on advertising campaigns and hired in public-relations firms to tout their wares. Developers and rulers alike pushed artificial islands (Dubai, Abu Dhabi, Qatar, Bahrain, Kuwait), and in many places real estate became the main economic activity. Officials promoted their cities as financial hubs as a way to diversify away from oil. Hundreds of millions of dollars were poured into national air carriers and airports, which were seen both as a source...
Remote Sir Bani Yas was once the private domain of Sheik Zayed bin Sultan al-Nahyan, ruler of Abu Dhabi and co-founder of the United Arab Emirates. He irrigated much of its barren landscape and created his very own wildlife reserve, initially for endangered regional species like the Arabian oryx and both mountain and sand gazelles, but later for many African animals, including giraffes, ostriches, elands, gemsboks, blackbucks and striped hyenas, all of which remain to this day. (See pictures of luxury private islands...
...island is now open to the public, accessible in four hours by land and sea from the capital, Abu Dhabi, or by a short flight from Abu Dhabi airport. Those who can afford Desert Islands' considerable comforts are treated to five-star splendor inspired by a mélange of exotic themes - part Bedouin, part African, with a hint of East Asia and 19th century colonial style. Safari game drives allow close encounters with a host of beautiful beasts (just don't expect Tsavo or Kruger), and multiple soft-adventure activities are also on offer, from fascinating wadi walks...