Edifice Complex; Dubai's Renaissance  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 406 no. 8817 (Jan. 2013), page 53-55.
Topik: Cities; Geographic Profiles; Economic Growth; Urban Development; Problems; Economic Recovery

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.75 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Dubai is back in business only three years after a near-death experience. In late 2009 Dubai World, a big government-controlled investment firm, announced it could no longer repay its debts, threatening to bring down the entire economy. The emirate was bailed out by Abu Dhabi, an oil-rich fellow-member of the United Arab Emirates (UAE), and the UAE's central bank. Dubai has come a long way since then. The IMF estimates that GDP was up by 4.1% in the first half of 2012 compared with the same period of 2011. Dubai is more than a story of skyscrapers built on sand with borrowed cash. Because the emirate's oil reserves were limited, its rulers decided decades ago to diversify. Emirates Airline is the best-known result of this strategy. This role as a regional hub--and a policy of being open to almost any kind of business--explains why Dubai has been, at least economically, the main beneficiary of the Arab spring. Instability in the rest of the region has diverted capital, commerce and people to the emirate. Yet the renaissance masks continuing problems. During the property frenzy, developers piled up debt. Behind the question of whether Dubai could relapse lurks a bigger one: whether it needs to change its growth model.

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