What do billions of dollars + open land + a Royal nod to being number one in everything equal? A pretty wild experience. It's the wow-factor product of this equation that has built one of Dubai's most stable industries: Tourism & Hospitality also known as "the Experience Economy."
There exists an under current of Too Big to Fail here in Dubai by way of oil money. If the Sheikh or a Royal family backs a project, it will happen. One mindset behind this, through the words of Sheikh Rashid to his son as Dubai was at the early stages of growth, is that the money may not always be around, so let's spend it while we can. Even if there is question around the near term financial return. In holding to this, the wow factor train has been able to persevere in Dubai through the financial crisis.
As it stands today, even as mega-projects have been put on hold in Dubai (e.g., Dubailand: Super Disney, Nakheel Tower: Super 1 Km tower, Palm Deira: Super Palm), Dubai still claims host to the world's largest mall with an indoor ski mountain (we're going there tonight), the world's most luxurious hotel (7 stars; we're going there for tea next week), the world's tallest building (the Burj Khalifa - we're riding to the top of it next week), the Palm Islands (we rocked out at the Atlantis at the tip of the Palm on NYE), and many other Best Of places.
This adds to the region's Experience Economy which represents 20% of GDP and lures many of the 30 million passengers through Dubai's airport each year. In several years, that number is projected to tip 120 million and support a 10% annual growth estimate the tourism industry is expected to...experience. While the local real estate and financial markets are harder to read in the short and long term, the passion for building the biggest and best is bringing millions of tourists to experience all this "wow," which is breeding even more "wow" from the growth of the fashion and retail industries. A self-fulfilling and prosperous cycle.
All this the outcome of a real estate, financial sector and tourism seminar back to back to back. Oh, and for a final nugget of wisdom: just because it's sold in a souk, doesn't mean you can wear it...no matter how convincing the pleasant souk merchants might make you think otherwise. Maybe that's why I paid more than the next guy, too.
Kareha Out.
There exists an under current of Too Big to Fail here in Dubai by way of oil money. If the Sheikh or a Royal family backs a project, it will happen. One mindset behind this, through the words of Sheikh Rashid to his son as Dubai was at the early stages of growth, is that the money may not always be around, so let's spend it while we can. Even if there is question around the near term financial return. In holding to this, the wow factor train has been able to persevere in Dubai through the financial crisis.
As it stands today, even as mega-projects have been put on hold in Dubai (e.g., Dubailand: Super Disney, Nakheel Tower: Super 1 Km tower, Palm Deira: Super Palm), Dubai still claims host to the world's largest mall with an indoor ski mountain (we're going there tonight), the world's most luxurious hotel (7 stars; we're going there for tea next week), the world's tallest building (the Burj Khalifa - we're riding to the top of it next week), the Palm Islands (we rocked out at the Atlantis at the tip of the Palm on NYE), and many other Best Of places.
This adds to the region's Experience Economy which represents 20% of GDP and lures many of the 30 million passengers through Dubai's airport each year. In several years, that number is projected to tip 120 million and support a 10% annual growth estimate the tourism industry is expected to...experience. While the local real estate and financial markets are harder to read in the short and long term, the passion for building the biggest and best is bringing millions of tourists to experience all this "wow," which is breeding even more "wow" from the growth of the fashion and retail industries. A self-fulfilling and prosperous cycle.
All this the outcome of a real estate, financial sector and tourism seminar back to back to back. Oh, and for a final nugget of wisdom: just because it's sold in a souk, doesn't mean you can wear it...no matter how convincing the pleasant souk merchants might make you think otherwise. Maybe that's why I paid more than the next guy, too.
Kareha Out.
RSS Feed