Sheikh mohammed bin Rashid al maktoum transformed Dubai into an air-conditioned fantasy world of 1.5 million people. No project seemed to be too ambitious for him. He built the world's tallest skyscraper (thr 2717-foot Burj Khalifa), the world's biggest shopping mall,and the world's largest highway intersection. He helped little Dubai become tha shopping capital of the middle East. In the last five years, it has arttacted more tourists than India. Its most famous landmark, the Plam Jumeirah,and artificial island buit in the shape of a plam tree, provides vacation villas for the rich and famous.
But the financial crisis of 2008 made people think again and Dubai failed to sell many of its new luxury apartments. Up to then, property in Dubai had been increasing in value and it had been easy to get people to invest. These day,investors risk losing money.
The rest of world looks on with a mixture of wonder and suspiction. Is this a capitalist model worth copying, or has Dubai abandoned its heritage and become the las vegas of the middle east?