But why people choose to use the banks in Dubai? It is mostly because it is close to the oil reserves. Many of the transactions involve companies which invested hevily in the region, which would not be there when the oil dries up. It is like in the US where mining created other industries and booms in near by towns and cities. When the mining stopped many of those towns and cities died as well. I am not saying it will happen in the case of Dubai, but it could.
Where do you think that money in the banking industry comes from? It sure as hell doesn't grow on trees.
Wow, that is pretty cool. I would love to stay there! When I looked at their website it made me think of LOST and the Hydra station..I wonder why! http://www.crescent-hydropolis.com/
I'm not arguing the beauty of Houston vs. Dubai, but it's stupid to post that picture. Dubai has invested heavily in its beauty, and you can tell. Houston at night:
Big whoop. Its like a hundred other cities across the world. I won't bother posting pics of Dubai. I am a Houstonian and there are pros and cons for both cities. I'm just saying beauty wise comparing Dubai and Houston is like comparing Angelina Jolie to a coked out bald ass Britney Spears. Not to mention, Dubai has some of the finest looking ladies you will ever see.
Yeah, I get that...I'm not comparing them. Anyway, the underwater hotel is a cool idea, but, for the price, I would rather stay at a traditional hotel, like the Burj Al Arab.
It's not even that complex an issue; 40% of the UAE's economy is Oil and Gas. But don't know why it was brought up w/ reference to their wealth 'drying up'. That's pure speculation, likely wrong, and not relevant to the aesthetics of Dubai. In fact, UAE is progressive in a number of areas and has apparently been somewhat effective diversifying their economy. Again, unlikely that their funds will just dry-up when the oil is gone. And that's good for us since they import more form the US than any other nation, and fwiw, one of their 2 consulates in the US happens to be in Houston. And since it's been brought up, I may not be so crazy about Shari'a either, but UAE seems pretty cool and Dubai is d*mn impressive.
Awww. Here: - Sheikh Mohammed bin Rashid Al Maktoum Launches Foundation to Promote Human Development with US$10 billion Endowment. - Mohammed donates Dh7.5m for preservation of falconry UAE. - On October 3, the foundation opened an appeal to establish refugee camps both inside Afghanistan and over the border in Pakistan. Sheikh Mohammed donated $5 million from personal funds to the appeal and later gave more. He also donated $5 million to the World Trade Center Victims Appeal. On October 27, Sheikh Mohammed's Godolphin team was in New York for the Breeders’ Cup. Organizers had dedicated the Breeders' Cup to the families of New York firefighters, police officers, emergency services personnel and other victims in the surrounding communities who lost their lives as a result of the terrorist attacks. A goal of $1 million had been established. The meeting was a tremendous success for Godolphin, who amassed around $2.5 million in prize money, all of which was donated to the appeal. ------------------------------------------------------------------------ How bout now?
It's important to distinguish between Dubai and the UAE's oil dependancy. Dubai is, currently, 5% dependant on oil. Abu Dhabi, the capital and largest city in size, is almost entirely dependant on oil. I am amused to find that (not you Cohen) there are people in this thread who think they have brilliantly anticipated the drying up of oil, but Dubai with all its whimsical wonders has not. Dubai used oil to set the fire. Once we got the flame burning, we started adding wood. Now, we don't need oil to keep the fire going. Just wood, like every other succesful non-oil-based economy.
Look like a very nice project once done (are they done building it?). Too bad I'm scared of deep waters, so I'd pass on this one. Cus.. ya know.. I have that kinda money to throw away... ....
If he's got all that money, and he's doing such fantastic things with it; why doesn't he put it back into the people who are making his domain so amazing and bringing him all this money he's just giving away? Why doesn't he make sure that people have REAL LIVING CONDITIONS, and that they are paid on time, every time, and they are paid what they are worth? Let's try this again. You can polish a turd, but it's still a bleeping turd. How bout now?
