October 11, 2007
New Dubai Canal: 11 billion for a new inland desert waterfront
I am not quite sure if this is brilliance or madness, but it certainly is a waste of capital of epic proportions.
Meanwhile, I read a snotty remark in one of the Maghrebine financial journals questioning whether many of the Big Ticket Gulfie investment projects were in fact serious, or mere PR incidents to drive their home market stock price.
And I say "Some Gulf Firms making Vapour Ware Project / Investment Announcements???" Perish the thought. I think the better standard is assume it's fictitious until the money is in an account on shore.
Posted by The Lounsbury at October 11, 2007 09:35 PM
Filed Under: Biz - Private in MENA
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Having just supervised a special section on "Real Estate in the UAE" for the magazine, I hear your "waste of capital" statement ...
When I saw pics of the Arabian Canal project I had the same thoughts as when I saw images of the various "Marina" schemes across the emirates: Who in their right mind thinks that there would be people "strolling along the walkways" in 50 degrees / 80% humidity weather???
Qatar will construct a multi-km long bike path along the Doha Marina along whose entire length water vapor is sprayed in the air. Obviously, that's a scheme that doesn't quite work for WALKways ...
Even if Dubai's streets were to be covered with trees, it wouldn't do anything against the heat.
Posted by: MSK at October 14, 2007 01:10 PM