Dubious Dubai and the quest to be real...

The only way to make sense of Dubai is to never forget that it isn’t real. It’s a fable, a fairy tale, like The Arabian Nights. More correctly, it’s a cautionary tale. Dubai is the story of the three wishes, where, as every kid knows, with the third wish you demand three more wishes. And as every genie knows, more wishes lead to more greed, more misery, more bad credit, and much, much, much more bad taste. Dubai is Las Vegas without the showgirls, the gambling, or Elvis. Dubai is a financial Disneyland without the fun. It’s a holiday resort with the worst climate in the world. It boils. It’s humid. And the constant wind is full of sand. The first thing you see when you arrive is the airport, with its echoing marble halls. It’s big enough to be the hub of a continent. Dubai suffers from gigantism—a national inferiority complex that has to make everything bigger and biggest. This includes their financial crisis.

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Dubai thought it was going to grow up to be the Arab Singapore—a commercial, banking, and insurance service port on the Gulf with hospitality and footballers’ time-shares, an oasis of R&R for the less well endowed. But it hasn’t quite worked out. The vertical streets of offices are empty. A derelict skyscraper looks exactly the same as one that’s teeming with commerce. They huddle around the current tallest building in the world—a monument to small-nation penis envy. This pylon erected with the Viagra of credit is now a big, naked exclamation of Dubai’s fiscal embarrassment. It was going to be called Burj Dubai, but as Dubai was unable to make their payments, they were forced to go to their Gulf neighbor, head towel in hand, to get a loan. So now it’s called Burj Khalifa, after Abu Dhabi’s ruler, who coughed up $10 billion to its over-extended neighbor. Full story...

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