In November 2008, Dubai’s first Atlantis hotel opened to much fanfare - a $5 million firework display, A-list guests from around the world and a performance by pop star Kylie Minogue. Twelve months later, the emirate declared it was on the brink of default after accumulating a mountain of debt to transform the city into a business and trading hub.
Fourteen years on, Atlantis The Royal — just a short stroll away from the original resort — is set to open this weekend along with much of the same extravagance. Beyonce will perform to a VIP audience for a reported $24 million and fireworks will light up the sky above the city’s famous artificial tree-shaped island of Palm Jumeirah.
Dubai and Kerzner International will be hoping that the landmark opening of the ultra-luxurious hotel, which cost about $1.5 billion to build, doesn’t signal the top for the emirate that’s been booming since it emerged as a safe haven during the pandemic, escaping much of the geopolitical and economic uncertainty elsewhere in the world.
“Dubai is in a significantly stronger position now than in 2009,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “There is fundamental tightness in the real-estate market, the UAE has introduced regulations to reduce systemic risks and the tourism sector is broader, with more people globally discovering Dubai after its strong handling of the pandemic.”
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