The Gulf: Luxury OverdoseJanuary 20, 2008 at 4:24 pm | Posted in Around the World, Eye on Kuwait, Eye on the Gulf, The Luxe Life | 4 Comments
Tags: Dubai, Gulf, Luxury, Qatar, Saudi Arabia, Skyscrapers
The Gulf Countries have managed to transform from desert into fantasy world in less than a decade. And they’re still going… Dubai, Qatar, Saudi Arabia, Bahrain, Kuwait and Abu Dhabi are taking turns on creating awe in their multibillion dollar projects. Now we have ski resorts, the highest skyscrapers in the world, safaris, islands, theme cities and almost any other scenario you can imagine in the world. You can find the delights of the most famous countries and cities in the world in the Gulf except maybe the Grand Canyon and the Alps but I’m sure they will find a solution for that soon.
According to various sources, an estimated One Trillion Dollars are currently being invested in the Middle East. A recently published report called “The Middle East Leisure Landscape 2020 Study” by GFF gives a full breakdown on what’s to come. This includes 166 different projects in 13 countries.
The three countries that accounted for the most part of that investment were Dubai with $381.4 billion, Saudi Arabia with $184.4 billion and Abu Dhabi with $131.3 billion.
The top projects being created by the real estate giants Tatweer, Aldar and Emaar include (by order of cost):
1. King Abdullah Economic City, KSA: $120 billion
2. Dubailand, Dubai: $110 billion
3. City of Silk, Kuwait: $ 86 billion
4. The Arabian Canal, Dubai: $ 61 billion
And that’s only the tip of the iceberg, it would take a couple of hours to write all the other projects that are in progress now including “The Universe” which are another set of islands in Dubai, the museums such as “The Louvre” in Abudhabi, the cities, the manmade greenery and so much more.
The transportation is even being improved with each of the Gulf countries investing in Rail systems throughout their growing capital cities.
What is to come, we don’t know… But it seems to be turning out to be the only vacation spot of the future. Why go to different locations when you can find all the natural wonders of the world in one spot? More imporantly, how much money do they actually have to keep up the overheads of these mega projects for years and decades to come? I doubt the breakeven was even considered in most of these cases.