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Where the Dubai Fallout Will Land
What Dubai did right in my view (as everyone is talking about the mistakes):
1) They attracted significant demand from Europe and Asia (mainly real estate and financial services). This was the only strategy for a very shallow emerging market (particularly one in the Middle East)
2) They built an international reputation that led to a dramatic increase in the fundamentals. Perception did alter reality. It's not the small irrelevant market it was 10 years ago. The big towers everyone criticizes them for is also the reason their market even exists.
3) By and large, they kept their financing in line with a surging market. Recall in 2007, everyone was criticizing them for the congestion and for not building fast enough.
I posted a blog on the mistakes today, if you're interested.
Dec 5, 2009. 06:42 AM
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