Dubai and Singapore
Over dinner last night, some friends mentioned that Dubai is not faring any better than Singapore, if not worse. After all, Dubai is the other self-styled adult Disneyland, fabled paradise in the desert and man-made islands with multi-million price tags; only less well managed.
Googling Dubai led me to this article in the UK Independent. It's rather long but if you are interested in the parallels between Dubai and Singapore, this article is an eye opener.
Here, off the coast of Dubai, developers have been rebuilding the world. They have constructed artificial islands in the shape of all planet Earth's land masses, and they plan to sell each continent off to be built on. There were rumours that the Beckhams would bid for Britain. But the people who work at the nearby coast say they haven't seen anybody there for months now. "The World is over," a South African suggests.
All over Dubai, crazy projects that were Under Construction are now Under Collapse. They were building an air-conditioned beach here, with cooling pipes running below the sand, so the super-rich didn't singe their toes on their way from towel to sea.
The projects completed just before the global economy crashed look empty and tattered. The Atlantis Hotel was launched last winter in a $20m fin-de-siecle party attended by Robert De Niro, Lindsay Lohan and Lily Allen. Sitting on its own fake island - shaped, of course, like a palm tree - it looks like an immense upturned tooth in a faintly decaying mouth. It is pink and turreted - the architecture of the pharaohs, as reimagined by Zsa-Zsa Gabor. Its Grand Lobby is a monumental dome covered in glitterballs, held up by eight monumental concrete palm trees. Standing in the middle, there is a giant shining glass structure that looks like the intestines of every guest who has ever stayed at the Atlantis. It is unexpectedly raining; water is leaking from the roof, and tiles are falling off.
The similarities can be unnerving. While I think it will not be that bad in Singapore, it gives credence to fears of what may go wrong in Singapore if this recession doesn't let up soon.