‘If conning is an art then Dubai is a master piece.’ To put it simply, Dubai is nothing but a popular evening tabloid, which needs an exclusive story on the front page to sell itself, everyday. And Dubai’s growth is nothing but a staged show of numerous such stories.
So you hear that Dubai has the tallest building structure, to the biggest airport and port, to the biggest artificially created islands and to largest hotels, hospitals and stadiums. There are only 3 rules, it needs to be new, it needs to be the biggest and it needs to be now. It’s as if the story of growth is itself the fuel for it.
I am not a student of economics and far from being a social or business analyst. And most of my understanding is tainted by the fact that I am an Indian, born and brought up in India where ‘growth’, not long ago, was measured in chains of 5 year plans and for most of it, it still is.
However, I do understand that, irrespective of anything else, there is something called as a sustainable growth and every economy no matter how advantageous its position might be needs to evolve over a period of time with organic growth being at its core, in order to be sustainable.
But then ‘an economy’ refers to the commercial affairs of a country, or a collection of countries or states which unite under a central entity. Not sure if the traditional definition of an economy also includes that of a monarch ruled government with a flexible capitalist backbone. For those who don’t know, Dubai is not a country, but it can vaguely be defined as a state ruled by a king, and the most popular one of the 7 emirates (states) that forms UAE.
It’s tax free heaven, where one can easily bring in and covert all the black money one has accumulated by doing all the sinful things imaginable in this world, right from arms deal for terrorism to body smuggling, into white money and what’s more, have a potential to earn more money from it. In turn, Dubai also gives them refuge and a lifestyle to live their dreams without guilt or question. So even if on one hand I was amazed by the scale and speed of its growth, ( of money) I couldn’t appreciate it as it’s far easier when you aren’t answerable and you make your own rules.
As life might have it, I have lived in Dubai for the last 2 and half years and might even go back. During my stay there I observed from the small window of my understanding that the last 2-3 years has been very significant Dubai as it accelerated its growth story during this period, a story which is less than a decade old.
With no oil to sell any more, the 3 phased plan was to (i) set a stage for world class tourism attracting people from all around the globe and (ii) subsequently opening grounds for people to invest in real estate and offering them insane returns on investment and (iii) making sure that the initial investors reap in enough to attract others. This backed by no moral, ethical or ecological accountability was enough to make it work. And not very surprising, it did work.
Another critical component was the hype around Dubai which was created since the beginning of this plan and has been sustained till date. From hiring the biggest names and endorsing itself through global personalities in all fields, maintaining constant presence in news in the right places, seen with the right brands, companies, and countries, Dubai has done it all, and is a winning case-study in marketing and PR. It’s a living example of what money can achieve and how well can you spend it to earn more.