On November 25th, Dubai asked to delay debt payments exceeding $1 billion to the conglomerate Dubai World. Although major international banks downplayed the impact of the decision, the news reverberated through global markets. One week later, Standard & Poor’s cut the ratings of six Dubai companies to junk status.
Dubai has emerged as a prime example of 21st century excess. Rapid development produced a spectacular, ever-evolving skyline. But the city’s recent financial instability might signal an end to its quick rise. Above, the electric Grosvenor House Hotel in Dubai.
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Dubai’s Burj al Arab building at night.
Photo cc:articotropical
The Burj Dubai is still under construction, but when completed, it will be the tallest skyscraper in the world, measuring in at 2,684 feet. It is set to be completed early next year.
Photo by Imre Solt
The Dubai skyline.
Photo via wikimedia
Students take a break in front of the American University at Dubai in 2005.
Photo cc:mamamusings
The Wild Wadi Water Park features a heated/cooled wave pool, several water slides and two artificial surfing machines.
Photo cc:saudi
Shoppers look in on the winter wonderland of Ski Dubai, an indoor ski slope inside the Mall of the Emirates, one of the largest shopping malls in the world. There are over 50 shopping malls in Dubai.
Photo cc:jonrawlinson
In a building boom, it seems Dubai is always under construction.
Photo via wikimedia
Sultan Ahmed bin Sulayem cutting the ribbon at the opening of Retail City in 2007 in the Sheikh Rashid Hall at the Dubai World Trade Centre Exhibition Complex.
Photo via wikimedia
Constant construction meant an ongoing demand for laborers, often from less developed neighboring countries.
Photo cc / paul keller
Working between 2-4 p.m. is strictly prohibited in Dubai’s construction sites in July and August due to extremely hot weather. Many laborers use this break to nap around construction sites.
Photo cc:p.j.p.
A common sight in Dubai, near the Dubai Marina project in 2006.
Photo cc:paulkeller
The Dubai stock exchange.
Photo: newscom/Noufal Ibrahim/Xinhua/Sipa Pres
Inside the Dubai Atlantis
Photo cc:Zitona
A view from the Dubai “walk.”
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The Dubai Palace hotel.
Photos cc:zitona
The Palm Atlantis Dubai Aquarium.
Photo cc:lorigreig
The Dubai Global Village.
Photo cc:bilalmirza
