Word: dubai
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Frequent Flying. British Airways adds daily service to Venice, Italy, from Heathrow's Terminal 5, starting Oct. 26. JetBlue will offer daily service from Orlando, Fla., to Bogotá, Columbia, with fares beginning at $99 one-way, starting Jan. 29, 2009. Emirates' flight on its A380 from JFK to Dubai goes from three times a week to daily starting...
...State capitalism is hardly foolproof, of course. In nations with less sophisticated economic management than a place like Dubai, state control could simply revert to cronyism. Because they still rely on trade, the state capitalists are not immune to a global meltdown. Indeed, decreased Western consumer demand will dent China's economy as well as that of any that relies on exports. But the free-market autocrats stand in far better shape than the rest of the world. With their massive cash reserves, current-account surpluses and, often, capital controls, countries like China can better weather a downturn (China probably...
...attempt to one-up rivals on the mad dash across the Arabian Peninsula to build the tallest, biggest, glitziest structures. Their coffers bulging with surpluses, many Persian Gulf states are turning their desert into one giant construction site. There's the City of Silk project in Kuwait, Dubailand in Dubai and any number of ports, airports, universities and giant residential and industrial complexes abuilding in Qatar, Abu Dhabi, Bahrain and elsewhere. KAEC "is not a vanity project, but there is definitely a statement being made," says a Riyadh businessman who asked not to be identified for fear of offending King...
...Dabbagh and his backers insist they're not trying to out-Dubai Dubai--or anybody else--and that the new cities are meant to solve pressing economic and demographic problems: with 60% of its population under the age of 25, Saudi Arabia needs to create millions of jobs and homes for young people who will come of age in the next five years. This "youth bulge" will create a demand for 6 million residential units in the next 12 years; that's a million more units than were built in the past 60 years. "When you have demand on that...
Sail Away. Cunard's Queen Elizabeth 2 will depart her dock on New York City's West Side at 5 p.m. on Oct. 16 to make her final transatlantic voyage to England. Due to become a floating hotel in Dubai, she will meet her sister ship, Cunard's ocean liner Queen Mary 2, at the Statue of Liberty in New York Harbor at 6:15 p.m. After a send off by tugboats and NYC Fire Department boats, the two ships will sail to England in tandem. Good viewing points are along Hudson River Park and Battery Park...