INDUSTRY INSIGHT: 
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| The Emirates Office Tower and Jumeirah Emirates Towers Hotel, the 12th and 29th tallest buildings in the world. They are surrounded and connected by a nearly 100,000 square foot reatil complex called "The Boulevard." The entire complex is surrounded by 42 acres of gardens and public areas. |
Dubai
The Middle Eastern Oasis
by David Wurth &
Sarah Daniels
Next door to Saudi Arabia and just a stone’s skip across the Persian Gulf from Iran may not sound like a particularly glamorous place. But Dubai, in the center of it all, is a burgeoning oasis that prides itself on having the biggest and the best. For example, the uncompleted Burj Dubai is already the tallest free-standing building in the world (and boasts office space at $4,000 per square foot). The city is also home of the world’s two tallest and most luxurious hotels: the sailboat-styled Burj Al Arab and soon-to-open Rose Rotana Suites.
Only fifteen years ago, Dubai was relatively barren—a place where camels roamed the coast from Abu Dhabi to Oman. Today, however, approximately 20% of the world’s cranes are busy building monstrous dwellings there. It’s a place where construction workers actually outnumber citizens. As foreign-headquartered companies quickly stake their claims, these days, you’re likely to see far more Caterpillars than camels.
In 1971, Dubai became one of seven territories that comprise the United Arab Emirates. Since the mid ‘90s, the area has focused on free trade, financial services and tourism, all of which have put the UAE in the top 40 in terms of gross domestic product. Although oil production in Dubai only accounts for a scant 5% of its revenues, the city was borne out of oil money. As a result, it has become an attractive destination for wealthy Middle Easterners, Asians and Europeans.
This desert hotbed is a playground for local Sheikh (or men of stature with financial or political influence) and a variety of travelers who come to mix business and pleasure. As a result, Dubai has become something of a super-sized wonderland, with the largest indoor ski park, sand golfing, a series of man-made islands that can be seen from outer space, and soon to have biggest mall in the world and the world's first underwater hotel. The Burj Al Arab (pictured on this issue’s cover photo) sees its fair share of tourists. Not only is it currently the tallest hotel in the world, it’s also the only seven-star hotel in the world.
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| The Burj Dubai towers over several other development projects in the .8 square mile area called Downtown Dubai. When complete it will be the tallest building in the world by nearly the height of the Eiffel Tower topping off at an estimated 2,684 ft. The building is estimated to be open by September, 2009. |
Workers are also busy building Dubailand, a massive entertainment complex that will cover three billion square feet when completed. In fact, it will be double the size of Walt Disney World and is expected to attract twice as many visitors per day. That’s an impressive feat since, at present, the Florida-based theme park is the number one travel destination in the world as well as being the number one on-site employer in the United States.
It’s not all about play, though. Industry-specific free-zones (such as Dubai Internet City and Dubai Media City) have attracted business heavy-hitters like Microsoft, IBM and Oracle as well as Reuters, AP, and CNN. The influx of business is due in no small part to the fact that, in most cases, there are no corporate or income taxes, nor any foreign exchange control or trade barriers. The area also remains highly competitive in terms of the costs of real estate, labor, energy, and import duties.
Almost ready to host the most elite members of the C-Suite is the imposing Burj Dubai, which already stands at more than a staggering 2,000 feet...and isn’t even finished yet. It serves as the anchor for a $20 billion area dubbed “Downtown Dubai,” consisting of 14 towers, 30,000 homes, and nine hotels. Nearby in the Gulf, miles of commercial and residential property are sprouting up on three artificial palm islands. Even Donald Trump is getting in on the action with a 48-story hotel and private beach that’s slated to be built on the “trunk” of the Palm Jumeirah.
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| The Palm Jumeirah, a manmade island. Part of the largest land reclimation project on Earth, the three "Palm Islands" will add a total of 520km of beachfront property to Dubai. Uses will be mixed including homes, apartments and tourist attractions. Classified as a Wonder of the World, the Palm Jumeirah can be seen from space today. |
Don’t worry though, you can still have your very own piece of Dubai. On the World Islands—a series of 300 archipelagos in the formation of a world map that is built from dredged sea sand—there’s still one private island left for sale at a mere $250 million. If you buy it, let us know.
We promise we’ll come visit.
