In what is one of the dumbest ways to invest money, Online Insider reports that Dubai wants to build the worlds largest theme park:
DUBAI, United Arab Emirates – Disneyland in the desert, you could call it. “Dubailand,” though, is the chosen moniker for the massive project now rising in the Middle East.
By any name, though, it’s a doozy of a development: a $5-billion plan to build an inordinately broad-ranging destination for tourism, entertainment and leisure. The project’s ambitious design was recently unveiled by the government of Dubai, the United Arab Emirates (UAE) nation that’s become synonymous with promoting projects of staggering size.
Sheik Mohammed bin Rashid al Maktoum, crown prince of Dubai, pointedly emphasized that pro-growth track record in announcing Dubailand.
Sheik Mohammed bin Rashid al Maktoum
A Different Kind of War: “The biggest war that any country can engage in is that of development,” Sheik Mohammed bin Rashid al Maktoum (pictured) said in announcing Dubailand. “Let our victims be poverty, ignorance and backwardness.”
“The biggest war that any country can engage in is that of development,” he said. “Although it is a long and costly war, the number of soldiers increases instead of decreasing. So let’s take part in the war of development together, and let our victims be poverty, ignorance and backwardness.”
Dubai has zealously waged that war. Dubailand, however, marks a quantum leap forward in sheer size.
The completed project will span 2 billion sq. ft. (180 million sq. m.), or about 45,900 acres (18,360 hectares). That huge swath of land equals almost the entirety of all of the fully developed land thus far in Dubai, a small desert nation with a total land mass of about 960,000 acres (384,000 hectares).
Private Sector Courted for Most of $5 Billion
But for all Dubailand’s dizzying dimensions, the project has the clear-eyed look of an idea that’s headed for reality. Dubai’s government, in fact, has already begun building the project’s $700 million worth of infrastructure (which isn’t part of the park’s overall price tag).
But full details for Dubailand’s $5-billion estimated total funding haven’t been fully fleshed out. Most of the project’s capital investment will likely come from the private sector, already successfully tapped for many of the nation’s numerous other billion-dollar mega-projects.
“It is an initiative that strengthens the bond between the government and the private sector,” Sheikh Mohammed said of Dubailand. “The government works on developing the infrastructure and providing an environment that encourages the growth of business, and gives a chance for the private sector to benefit from the large investment opportunities that it provides.”
The government also suggested that it might build some of the commercial developments - including hotels, shops and various theme parks - and then lease them out to tenant companies.
This park trully is one of the dumbest ideas I’ve read about in my whole life. Some reasons:
- Half of the year it is 40+ degrees. Who in their right mind wants to walk around in the wiltering heat?
- The park is in dubai. Who the hell wants to go to a desert country to see a theme park?
- Dubai is an Islamic country. In order for this to work has to attract a certain class of people. Let’s call them the “common people who like to go on packaged (drinking) holidays” class. Pious muslims who live there aren’t waiting for this sort of debauchery.
- Can you say “Fundementalist Terrorists”? Stuff like this will attract them to Dubai like flies to shit. This is just going to infuriate them and ignite a whole lot of problems that nobody is going to want to deal with.
This will not bode well at all for anyone. All this park will do is lose a lot of money that can be better invested more wisely. When will the countries in the Middle East realise that the party won’t last? One day the oil WILL run out and generations to come will curse their ancestors for squandering the money that is their birth right!
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3 responses so far ↓
Tasha // Jul 30, 2005 at 1:58 am
Sexy Jihad,
Whatever the economic feasibility of DubaiLand, you’ve pointedly shown how ill-informed you are by your ignorant comments. A survey by Jones Lang LaSalle identified Dubai, alongwith Las Vegas and Dublin (Ireland) as the world’s best urban real-estate performers. Dubai’s graduation as one of the world’s top ten destinations (Dubai’s hotels hosted five million guests last year- “who would want to go a desert?” was, I believe, what you’d said, ask the five million) can be attributed to the concerted efforts of the Dubai authorities. They have an extremely moderate religious and cultural climate with head-covered women walking side by side with mini-skirted girls. Alcohol is freely and widely available in all the clubs and hotels. Public displays of outright drunkeness are frowned upon, same as in any civilzed society. Perhaps, you would find that too constraining though.
As for your impassioned plea, “when will the countries in the Middle East realise that the party won’t last, that the oil will run out?”, Dubai has benn diversifying its economy based on exactly that premise. It has been striving towrds creating a highly sophisticated, educated, cultured society with little or no economic dependance on oil revenue. It intends to be the only Middle Eastern country to escape the oil curse and to provide an example for other regions to follow suit. In 2004, less than 9% of its GDP was from oil revenue.
Grow up a little and get your facts straight before you start shooting your mouth off. In Chris Rock’s words, “It’s not Al-Qaeda we need to fear, it’s Al-Cracker”. It’s the ignorance that people like yourself spout that undoes the good intentions of places like Dubai.
AlRayyes // Jul 30, 2005 at 5:12 am
From your comments I see you’re a big supporter of these ridiculous projects being undertaken in Dubai.
“Whatever the economic feasibility of DubaiLand, you’ve pointedly shown how ill-informed you are by your ignorant comments. A survey by Jones Lang LaSalle identified Dubai, alongwith Las Vegas and Dublin (Ireland) as the world’s best urban real-estate performers. Dubai’s graduation as one of the world’s top ten destinations (Dubai’s hotels hosted five million guests last year- “who would want to go a desert?” was, I believe, what you’d said, ask the five million) can be attributed to the concerted efforts of the Dubai authorities.”
The reason I don’t like projects like this is that they are all designed to make the richest x% the most possible money in the least possible time. All contracts seem to go to the same group all the time so that they can make their money back as quickly as possible. The thing is that as a long term prospect this is a hugely bad idea.
The only reason that many people go to Dubai is the hype (biggest hotel, biggest high rise etc.). These things are only possible as long as the oil money is coming in, and once it runs out no more ridiculous projects, thus no more hype. These are not wise investments in the long run, anyone with an inkling of sense can see that.
You state the real estate boom as an argument, but like any boom it’s also largley driven by greed. And what goes up must come down…. It’s just that as long as money is being pumped into the economy this will list, as soon as it isn’t any more it will not.
“They have an extremely moderate religious and cultural climate with head-covered women walking side by side with mini-skirted girls. Alcohol is freely and widely available in all the clubs and hotels. Public displays of outright drunkeness are frowned upon, same as in any civilzed society. Perhaps, you would find that too constraining though.”
I agree with you that Dubai is one of the better countries in the middle east (it’s definatley a hell of a lot more tolerable than Saudi Aarabia for example). What I don’t agree with is that a civil soceity should have clubs serving alchol. As a muslim this offends me as it is just plain unislamic. Clubbing and drinking will eventually bring intolerable elements to Dubai (ie: drunken tourists). Especially seing the current climate (Show us money and we’ll look the other way) a lot more could well be tolerated as the economy is more reliant on tourism.
“As for your impassioned plea, “when will the countries in the Middle East realise that the party won’t last, that the oil will run out?”, Dubai has benn diversifying its economy based on exactly that premise. It has been striving towrds creating a highly sophisticated, educated, cultured society with little or no economic dependance on oil revenue. It intends to be the only Middle Eastern country to escape the oil curse and to provide an example for other regions to follow suit. In 2004, less than 9% of its GDP was from oil revenue.”
Don’t get me wrong, I think Dubai is doing a lot of things right as well (Internet city etc.). Especially when compared to all the other petrol stations that border the gulf the forward looking view is refreshing. I’m glad you also agree (at least I take this from your post) that it’s a bad thing to have an economy so driven by oil. What you fail to note is that the current boom is driven (indirectly) by oil, and all hopes for the future are unrealisticly optimistic. When the oil runs out you see the country for what it is, one big desert.
At that time it’s the people that must make Dubai great, and that also means that there must be Emirati shoemakers & cleaners. Don’t get me wrong, I have some hope for dubai seing the current climate. But people still have to change (this goes for the whole middle east). The party will soon be over and all the benefits people have now (no taxes etc.) will also be over.
“Grow up a little and get your facts straight before you start shooting your mouth off. In Chris Rock’s words, “It’s not Al-Qaeda we need to fear, it’s Al-Cracker”. It’s the ignorance that people like yourself spout that undoes the good intentions of places like Dubai.”
I gather from this that you think I’m some pro neo conservative zealot who knows nothing about the Middle East. This is not true. I lived in Kuwait for 10 years and have family in Dubai & Oman. However also having lived in Europe for a good part of my life I see some bad things about the middle east that the locals are just oblivious to because they’re so used to the good life and think it will last forever. Before you start compaling about that I also see a lot of good things that the West could learn from.
If you just look at the figures you’ll see that this is a 5 billion dollar park. FIVE BILLION. Do you realize how much upkeep will cost and how many people have to visit it just for it to break even? This money could much better be spend by promoting industry. I mean, how come the Middle East has a monopoly on Oil, yet there are no car manufacturers? How come there is no arab Microsoft? No arab company that makes tanks? No arab company that makes planes? As it stands now, everything rides on oil and arabs own next to nothing. Only when this changes does the middle east have a chance in the future!
Sexy Jihad » Blog Archive » Cool New Building Projects in Dubai Showcased // Mar 4, 2006 at 2:58 pm
[…] While some of you will know my stance on the current boom in dubai, I must nevertheless say that these projects are impressive indeed! […]
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