Every once in a while, a journalist comes to Dubai and gets it.
Christopher Hawthorne
, architecture critic for the Los Angeles Times, is one of those select few.
, he describes in accurate terms the state of the economy, but goes on to say that "charting the economic collapse and its fallout is not the only story worth telling about Dubai as the global downturn grinds on". The rest of the piece details what he calls a "new kind of urbanism", where the city is really divided into miniature cities that operate in and of themselves.
One reason for this is the fact that there are so many "master developments", where a developer controls the fate of a huge piece of land. In most cities, a developer is never dealing with much more than a city block. The essay is a must-read for anyone interested in architecture. I like that he calls the style of architecture, "cruise ship modern". (The National looked at the "end of fantasy architecture" in the region a couple weeks ago. See that article
.)
Perhaps the most important point comes three quarters the way through:
This essay is in stark contrast to the cliché-ridden rewrite of dozens of previous stories in today's edition of The Times, titled "
Dubai's dream is built on sand
". While the journalist, John Arlidge, at least tries to get some more facts and numbers in the piece than the average reporter on a hit-and-run mission to the UAE, he seems uninterested in the efforts underway across the country to get through the global financial crisis.
In other news,
Nakheel
, Emirates Business 24/7 reports. The information in this article is rather oblique. For example, here is the top line of the story: "Nakheel, the real estate development arm of Dubai World, has stopped allowing mobilisation on concept design after a number of third-party developers have gone absconding, Emirates business has learnt."
More news of the day after the jump ...
The Saudi Arabian property market
,
Dr Mohamed Ramady
writes in The National. There has been buzz about a similar system in the UAE for a few months. We wrote about that back in March. See the article
.
Prices in
Dubai Silicon Oasis
,
International City
and
Discovery Gardens
have "stabilised in the past three months
, Anjana Kumar reports in Emirates Business 24/7. Profit margins for construction companies
have dropped by as much as 50 per cent
, some companies tell Joseph George.
In a further affirmation that distressed asset funds are setting up in the UAE, Uta Harnischfeger and Mike Jalili
the regional chief of Morgan Stanley about the topic. We first looked at the topic on June 9. See the article
.
