From plans for a giant replica of the Taj Mahal to the prospect of leafy suburbs being torn up to extend its creek, Dubai is rekindling projects that evoke memories of flamboyant pre-crisis times.
These projects, though eyecatching, are a concern for investors, who worry that the emirate might not have learnt from the bursting of its huge real estate bubble in 2008.
Dubai has only recently regained the confidence of financiers. The cost of insuring its debt fell below 300 basis points on September 6 for the first time since its 2009 debt crisis.
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