While the likes of Qatar and Abu Dhabi have been relatively sheltered from the recent global economic crisis thanks in some part to their gas and oil wealth, respectively, neighboring Dubai has been much harder hit.
For years, the glitzy emirate was a byword for growth and prosperity. Real estate developers outdid each other to build the world’s tallest tower, biggest mall and most luxurious hotel. U.S. film execs soon got in the act with Universal, Paramount, Marvel and DreamWorks Animation all announcing theme parks in the emirate’s mammoth Dubailand.
Many of those projects have now been put on hold until financial stability returns.
But while some may have written off Dubai’s ability to recover from its current difficulties, others are remaining more sanguine in their long-term view.