Word: dubai
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...painful process and we are only at the beginning." The impact won't be felt across the board, either. Barring a financial cataclysm, London will retain its position as Europe's preeminent financial center for players from around the world. Some wealth management may migrate to Singapore or Dubai, rapidly emerging regional centers, and some of the back-office jobs that are cut may never come back. "As in any business there will be more pressure to take more support roles out of London, to Asia or just to cheaper places in Britain," says Owen Jelf, who heads...
...Salvadorans or Somalis working for minimum or below-minimum wage. Since 9/11, these fears have often fused--in not entirely rational ways--with fears of terrorism. Anti-illegal-immigration activists often cite the threat of jihadists creeping across the Rio Grande. Two years ago, when a company from Dubai tried to take over the operation of some U.S. ports, both Democratic and Republican politicians erupted in a demagogic frenzy. For many Americans, globalization is unsettling enough. Wrap it in a kaffiyeh, and you have a political revolt...
...Wherever the debate over ideas leads, it's clear that some things will never be the same. Wall Street's primacy as the world's capital of capital won't disappear, but it will face even tougher challenges not just from London but also from regional financial centers, including Dubai and Singapore. And since financial services are such an important part of the U.S. economy, accounting for a massive 15% of New York's alone, any diminishing of its status as a financial center will have big repercussions on jobs. The dollar too may lose its long-held status...
...DUBAI Bright accents like Thomas Pink's Gasaway ($105) are favored by locals...
...Dabbagh and his backers insist they're not trying to out-build Dubai, or anybody else, and that the new cities are meant to solve pressing economic and demographic problems: Saudi Arabia has a massive housing scarcity and a huge population of young people that will come of age in the next five years. Fahd al-Rasheed, CEO of the KAEC project, points out that Saudi Arabia needs to build 6 million residential units in the next 12 years; and that's compared to the 5 million units it has built over the past six decades. In addition to providing...