When its oil began running out, as its pearl industry did years earlier, Dubai set out to repurpose itself as a world capital of finance and real estate ― two very bad bets in 2009, as it turned out.
Dubai is one of the seven emirates, or city-states, that make up the Persian Gulf's United Arab Emirates. In the boom years, it dreamed no small dreams, attracting huge amounts of foreign capital and huge numbers of foreigners. Only 17 percent of its 1.5 million people are UAE nationals.
Dubai quickly became a world leader in superlatives. The Burj Al Arab, a sail-shaped building on an artificial island that is billed as the world's second-tallest and most expensive hotel. The world's largest manmade port. The world's tallest tower. An enclave of artificial islands laid out like a map of the world. Three artificial islands shaped like palm trees said to be visible from space. And, when and if it's finished, the world's first underwater hotel.
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