Dubai’s housing market suddenly came to a halt, actually it crashed, liquidity dried up and the threat of half-completed buildings loomed throughout Dubai. Most of their recent building boom was financed with international loans to begin with.
The UAE came to the rescue with a $10 billion loan which Dubai may or may not be able to pay back. [WSJ] There had been talk of a bailout from Bailout USA.
Despite their shaky future, they are back building extravagantly. Isn’t that what everyone in the world does?
Their latest is an underwater hotel so people can have the best possible ocean view. It is surrounded by a coral reef, will have 21 two-person rooms with huge windows and an underwater diving center. Rooms will be as deep as 10 meters below the surface, and diving training will be offered. The hotel can also rotate. A large disc-shaped structure above the water will have a spa, garden, and upper-terrace swimming pool—presumably for guests at an underwater hotel who don’t actually want to be in the ocean.[Bloomberg]
Dubai has become a playground for the rich and that’s what they do. Continuing their building might be the way to go.
Personally, I think it symbolizes what all developed countries are doing wrong. I suppose that living off borrowed money to continue wasteful spending is a plan of sorts.
Check it out Obviously, this is not for the average working stiff –
It was designed by Poland Underwater Technology.