Wednesday, October 11, 2006
A set of photos came in the mail the other day, their original source unknown. They were so impressive, sharing them with a wider audience was warranted.
For some years now, word has come of boom times in Dubai - the scale of the boom something that few Westerners have seen first hand. Though increasingly a vacation destination, not many Americans are likely to have passed through this city in recent years.
Maybe some U.S. businessmen have seen what's been going on there, but for the rest of the country it's been an occasional news story or business show comment that comprises everything that is known about this city and the country of United Arab Emirates (UAE).
The IMF recently predicted that economic growth in the UAE would be cut in half next year, in large part due to capacity constraints in the construction sector. It's not hard to understand why when you see all that the construction going on.
Steel and concrete prices have been rising rapidly - they just can't supply enough building materials to keep up with ongoing construction that has only accelerated in the last few years. The photo below right, taken in 2003, doesn't accurately depict the current skyline, but it does demonstrate how much has changed since 1990.
This is a more recent photo, they don't seem to have a problem getting building cranes...
... or beach umbrellas.
If half of the world's tower cranes are in China and another 15 percent here, that doesn't leave too many for the rest of the world.
They'll probably need fewer cranes for building condos in the U.S. over the next year - that should help.
These island developments are impressive - The Palm, The World, and many more. Note The World archipelago to the right in the photo below.
Here's a close-up - you can own your own island for only $7 million.
It doesn't look like there is much inland, once you get about a mile away from the water. This photo appears to be mislabeled - according to this, the Marina Project is inland.
They say there are 40,000 to 60,000 new homes set to go on the market in the next year.
An episode of the Amazing Race had the teams going to Dubai and making their way to the top of the Burj Al Arab hotel, shown at the bottom of the picture below. The episode was filmed back in May - it must have been quite an event for the locals.
This is the Jumeirah Palms project with the Marina Project in the foreground.
There is much more to see, starting at Wikipedia: