Boom is nearly the right word. Kaboom would be better.
Let me speculate that Dubai is the biggest land bubble ever on the face of the earth. Like all good big bubbles the mess will be enormous.
The prince has borrrowed heavily to fund his dream and the price of oil has dropped. Land sales have stopped. The prince may have enormous amounts of oil in the ground but he maybe another sucker who borrowed too much.
How many people/corporations with property in Dubai are going to sell to cover other positions? I've been told that only 25%-30% of the properties are occupied at any one time.
This place is a monument to stupidity. Indoor snow fields in the tropics! All water is desalinated! World's tallest buildings and most ambitous projects.
You need energy and lots of it. The carbon footprint would be staggering. You know it is going to end, the prince knows it is going to end and so do I.
The only question is when but when its economy collapses I specuate that it will go quickly.
STS Price at posting:
$1.45 Sentiment: LT Sell Disclosure: Held
