The UAE is waking up … but it has one hell of a hangover, and it’s going to take more than a couple of fizzy tablets to make it all better. So what sort of market is emerging? Well, the chances are it’s going to be good news for shed builders
It’s only 7pm on Tuesday night but it is already buzzing in Neo, the swanky cocktail bar at the top of The Address, a 63-storey hotel in Dubai. The view from the floor-to-ceiling window is stunning. We are immediately opposite the 818m Burj Dubai, the world’s tallest tower, which is due to open with one almighty party on 2 December, the UAE’s National Day. On the lake in front of it, the world’s largest fountain performs a mesmerising dance on the half hour. Beyond are the glittering lights of the city … including those of tower cranes, because like the nightlife, construction is moving again. The roads are clogged with traffic and the armies of labourers are back on the city’s sites.
In fact, six months after the global recession brought Dubai to a screeching halt, it does not feel like there is a recession here at all. Down the road, Abu Dhabi is busy again, too. But despite the evidence of recovery, nobody thinks the UAE is about to turn back into the rocket economy that exploded so spectacularly at the end of last year, and many British firms here are still struggling. So the question is, exactly what will the new UAE market look like?
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