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Entries tagged with “Dubai”.

Touted by developers in the United Arab Emirates as “the world’s highest restaurant”, the At.mosphere lounge began seating guests on Sunday on the 122nd floor of the world’s tallest building, the 828-metre Burj Khalifa.

Dubai has been ranked the 16th most expensive city in the world, out of 73 of the world‘s cities, according to the latest ‘Prices and Earnings’ study conducted by UBS Wealth Management Research economists that was released on Wednesday.

In 1940, the British snatched victory from the jaws of defeat and certain invasion by evacuating 300,000 troops from the beaches of northern France. As we all know, Britain with the help of its allies recovered from the near disaster to eventually defeat Hitler’s Germany and the Axis powers. The rest is history.

Officials in the U.A.E. are now claiming a similar turning point in Dubai’s battle to defeat the all out assault on its economy by the dark forces of the global financial crisis.

Dubai is still considering a bid to host the Olympics in 2020, said the ruler of the Arab emirate Sunday as leaders and executives from the sports industry gathered in the city for an international convention. Dubai has spent billions of dollars to build sport venues and host high profile golf and tennis tournaments. Sheik Mohammed bin Rashid Al Maktoum praised Dubai’s sports infrastructure and said Dubai has “a lot to offer” to the Olympic movement.

A rare whale shark that was a hotel attraction has been returned to the wild, the resort said Thursday, following an international campaign against the captivity. The 4.2-metre female was returned to the Gulf waters where it had been “rescued” said the hotel, where guests pay up to $7,500 US a night for a top suite.

Some good financial analysis on the shifting economic power arrangements of the UAE since the devastating crash of last year:

Abu Dhabi has pumped $15 billion into Dubai since last year, providing proof of the strength of the federation but also evidence of a power shift within the union. The Dubai Financial Market may have lost 25% of its value since November and Dubai World has yet to agree to a deal with banks on its remaining $22 billion debt pile, but the principles of the union have passed a stern test. However, the outcome is likely to be that Abu Dhabi takes a more dominant role in the U.A.E. while Dubai takes a back seat. While Dubai has sold assets overseas to help pay its bills, Abu Dhabi has continued to invest by building stakes in household names like Daimler and Barclays.

“The fundamentals in the market are too strong,” he said. “There won’t be a crash.” These words were spoken last year by the head of the largest state development firm in Dubai. But it seems that things have changed:

Since then, residential real-estate prices in Dubai have slumped by almost 50%. Developers have slashed jobs and scrapped projects. Groundbreaking on the tower was long ago put on hold. The yearlong retrenchment culminated in last week’s surprise announcement that Dubai would seek to restructure $26 billion of debts owed by Dubai World, the holding company for many of the government’s port, infrastructure and real-estate businesses.

Some brief but astute comments from a blogger at the New Yorker:

Last Wednesday, Dubai asked to be excused six months of payments on a debt of fifty-nine billion dollars owned by Dubai World, the state-backed conglomerate. Yesterday, Dubai’s stocks fell 7.3 per cent; today they fell another 5.6 per cent. And the Gulf News, an English-language Dubai newspaper, has reported this online with the headline: “UAE markets bounce back at the end of trading sessions.”

This is a couple years old, but still a relevant and under reported topic. Brain Ross of ABC investigates:

Dubai was meant to be a Middle-Eastern Shangri-La, a glittering monument to Arab enterprise and western capitalism. But as hard times arrive in the city state that rose from the desert sands, an uglier story is emerging. Johann Hari reports