Fears of recession, terrorism and an uncertain future have all been brushed aside by the rulers of Dubai as they proceed with a strategy of huge expansion, according to a report by Oman Daily Observer.
The report, published Friday, said that despite the global gloom in the aftermath of the US terror attacks and the war on nearby Afghanistan, the Maktoums had already committed billions of dollars to pursuing the phenomenal growth which has transformed a sleepy pearl and trading outpost into a dynamic regional economic and tourist power with world-class infrastructure in just 25 years.
And this month has seen billions more added in a bid to maintain the boom as oil resources run out, despite criticism that that Dubai has overreached itself.
“But others point to the record the Maktoums have of turning projects, even some dismissed as fanciful dreams, into reality,” said the observer.
“And Crown Prince Sheikh Mohammed bin Rashid Al Maktoum, the driving force behind the mega projects to position the emirate as a hi-tech, luxury leisure and trading hub, this week unveiled bold new targets for Dubai's success over the decade: - double gross domestic product (GDP) - knowledge-based industry to contribute 20 percent of GDP - production and service sectors to contribute 70 percent of all economic activities.
The question asked how this ambitious plan could be brought about.
It said that Dubai's future was linked to a series of gigantic schemes, such as Palm Island, the world's biggest man-made island, adding 120 kilometres (75 miles) of sandy beaches and dozens more five-star hotels south of Dubai city.
Another is Dubai Marina, a $10 billion city to house 100,000 people, which is already well underway.
And there is the Dubai Internet City, billed as the world's first internet free trade zone. According to the report, it has pulled in so many firms that phase after phase of building continues. The Dubai Media City sits next door.
Dubai Festival City also launched this year, to develop a four-kilometer (2.5-mile) stretch of inland waterfront at a cost of $1.6 billion. The city is intended to spur Dubai's annual shopping festival, “which may seem an odd scheme, but officially rakes in more than $1 billion in incremental sales in just one month,” said the report.
A $2.5 billion airport expansion was announced last week, starting next year, to more than double annual capacity to 45 million passengers by 2015.
Also last week, the Dubai government-owned airline Emirates lit up the doom-laden aviation industry with orders for $15 billion worth of new aircraft from Airbus and Boeing.
After the Sept. 11 attacks, Sheikh Mohammad vowed that normal life in the emirate would go on uninterrupted, giving orders to all facilities to proceed with all commercial, tourist and cultural activities – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
