Over the course of the go-go mid-noughties — or more specifically 2003-08 — Dubai enjoyed incredible double-digit growth. Following the annual meetings of the World Bank Group and the International Monetary Fund held here in September 2003, Dubai was finally anointed with the double-edged brand of emerging market. This was two weeks after the second anniversary of the 9/11 terrorist attacks in the US and the Saudi capital (significantly Dubai-bound) that quickly followed.
Of course, with this growth came inflation, a strained demographic imbalance and, for those who didn't exit before the merry-go-round stopped, negative equity.
This is not to say that the boom was completely bad for Dubai. Quite the contrary. Although Dubai had its share of esoteric developments, it still managed to expand its airline fleet, airport, port, utilities and build a world-class transport network. * username: rupertbu
No comments:
Post a Comment