Word: dubai
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...piece with the mad dash across the Arabian peninsula, to build the tallest, biggest glitziest structures money can buy. 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 coming up 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...
...funds and foreign private equity houses is any indication, may be to deliver, in person, a simple message: No. Not again. Not unless you structure a deal in such a way that we simply cannot lose. Otherwise, goodbye. That, in effect, is what Sameer Al Ansari, the CEO of Dubai International Capital, told Wall Street earlier this summer. He had had discussions "with all the people you'd expect" in the pantheon of U.S. finance regarding a possible investment from his fund, he told TIME. Wisely, it turns out, he told all of them no - and then...
...keep you on your toes. And so, for fear of becoming a sleazy expat who takes everything at face value, I have held my nose, dived into the smog, and tried to find an authentic experience in a city that’s about as real as Vegas or Dubai.“This is my lowest price, I can go no lower, I could be killed, I cannot feed my family for any lower price,” the owner of a shop once said to me with tears welling in her eyes. I looked at the knock...
...part, real estate developer Khan still has faith in the seemingly inexhaustible ability of Dubai developers to wow the world. "Who ever thought you could build a palm island?" he says. "You can never imagine the things they'll come up with next." In fact, if prices come down a little more, he's thinking of buying a few properties of his own, perhaps a villa for when he grows older and starts a family. "My grandfather had a saying: Land will never let you down." That's a maxim that could be severely tested - even in Dubai...
...look in the historic French Concession, local entrepreneurs are hawking designer T-shirts or handmade ceramics in tiny yet terribly hip spaces carved out of old lane-houses. This year, several luxury hotels will open their doors in Shanghai, including one run by the Jumeirah Group that's behind Dubai's over-the-top Burj Al Arab...