Dubai & All That Money

Sometimes, when I read up on developments in Dubai, I get the feeling it’s a city that consists of a giant tub of money. Just a casual glance at some recent news might lead you to that conclusion:

– A Dubai-based Arab company has become the first ever in the world to charter a space craft for its top management. The company last week handed over $500,000 as a deposit to Virgin Galactic, to charter one of the company’s commercial spacecrafts. Details of the company are likely to be made public in July this year. Sources suggest the two hour flight in space will take place some time in 2010. he total deal, the first ever of its kind, is worth $1.2 million. [source]

– Dubai has launched a ambitious 200 billion-dirham ($54.4 billion) environmentally friendly real estate project stretching over 82 square kilometres. [source]

– Sheikh Hamdan bin Mohammed bin Rashed Al-Maktoum, Crown Prince of Dubai, has bought a female camel for a record $2.72 million, the official Emirates news agency Wam reported on Monday. [source]

– The Roads and Transport Authority (RTA) on Monday announced the opening of 47 air-conditioned bus shelters, making Dubai the first city in the world to have climate-controlled waiting areas. A total investment of Dh750 million will be made by the investor over the next five years. [source]


  • Thanks for posting these little round-up news segments on countries like the UAE. Long enough to give me an idea of what is going on there but short enough to hold my interest.

    By the way, I’m still trying to figure out if your “giant tub of money” remark is positive or negative.

  • the camel and space trip are disgusting news. I think the air condition bus stops are smart if they want to push for alternative transportation solutions seriously. In a summer of 50 degrees heat you just can not make 5 minutes on the street.

    200 billion dirhams to invest in a green complex, why not spending on existing developments to transform to green spots?

    money laundering happens for businesses, and it may take place in dubai due to ease and bulk of trade going through dubai. buying a camel or going to space ain’t money laundering, its developing hobbies with a cost appropriate to profit.. like having a bicycle by normal people!

  • well I dont know why I find myself defending dubai more and more these days but lets be objective:

    1- Laundering, well with Oil hitting the $112 per barrel this moring who needs laundering? There is less and less of that, in Dubai

    2- ” Its sad to see the money spent that way?
    What way? Are you talking about the eco friendly city – well worth it – what is the price of global warming to you?
    Or is it the 750 million spent on air conditioned bus stops- who do you think uses these bus stops in Dubai, mostly poor workers, or people who dont have transportation, not rich Arabs or Europeans who wizz around in their luxury SUVs, maybe they should think about spending their money that way, I think it is a very noble idea to help these pooor soles in 50 degree heat after a long day of manual labor.

    3- oops I just realized Ahmad took my points to the board…oh well …re-iterating wont hurt. Let it not go to waste.

  • “Are you talking about the eco friendly city – well worth it – what is the price of global warming to you?”
    the air-conditioned bus stops cancels that effect! air conditioning is just another industrial source to increase global warming… so that settles it, what a waste! although my argument is Dubai is probably gonna be the last to be affected by global warming 🙂 so who cares?

  • Mariam I dont think the 750 air conditioned bus stops nagates the positive effect of an eco-friendly city, the bottom line is Dubai does care, or at least tries….plus its cool and trendy to be eco-friendly..and u can sell eco friendly properties at a high it pays as well….

Your Two Piasters: