RIP: Dubai's Dream Falling With The Price Of Oil
Burj Dubai Tower, still under construction Via:TagPuan
TreeHugger has posted many times on Dubai's sometimes "green," sometimes wretchedly-excessive building boom (please pardon one last requiem use of the now much out-of-favor "green"). The boom is over; and a crash looms for Dubai landlords and credit holders. Falling oil prices have a lot to do with it. See more below the fold.From CBS News, "Once Booming Dubai Goes Bust":
Banks aren't lending. Projects are shelved. And the normally secretive government has had to acknowledge it has one of the highest levels of per-capita debt in the world -- and not enough oil to pay for it.
"The worst is still yet to come in the sense of people losing properties" Khadri says. "That will happen."
Can you imagine the outcome of massive car fleet switch-over to plug in hybrids and oil falling back down to a few bucks a barrel as demand crashes still further? Pushers won't be able to afford their limos anymore. This is so emblematic.
The list of now-failing dreams goes on and on.Dubious DubaiRem Koolhaas's Dubai DeathstarChill Out on Dubious Dubai's First Refrigerated BeachDubious Dubai: Eco-Bling on the Anara TowerDubai Jumps the SharkConstruction Starting On Dubious Dubai Twirling Tower?Wretched Excess Dept.: Dubai Tower Has 57 Swimming PoolsDubai Flight Gets 6% Fuel Reduction, Saves 40000 Pounds of CO2 and ...Ski Dubai To Open September 2005Dubai Gets Less Dubious with Xeritown by SMAQ and X-Architects ...The Lighthouse: An Innovative Green Skyscraper.Dubai Saves Architecture ProfessionGlenn Howells' rotating "sustainable" Dubai CondoKoolhaas Loses His Marbles Again