The implications on the economic climate are few and of insignificant proportions, but the least that can be said is that they are far from negative. In all likelihood, Dubai will recover a lot more quickly from the recession than any other cosmopolitan city. Why? Quite simply, because Dubai has a smaller permanent population. Fewer people remain in Dubai when things go sour financially. Their residence in Dubai is very dependent on full-time employment. The high turnover means things can change very quickly. Dubai is still extremely investable. Market prices dropped to possibly the lowest it had ever been in August 2008 and now, a year and a half later, international investors are starting to return so as to profit from the rebound that is to be expected given the recent positive trends. This trend of investors will undoubtedly give the property market rebound, a much required shove in the right direction.
Although at this point Abu Dhabi can offer more financial stability, Dubai still has more to offer expats and tourists. The Burj Khalifa just adds another major attraction to a long list of incredible record breaking attractions. Just outside of the Burj Khalifa stands the world’s largest water fountain, costing Dhs800million to build and measuring 275m across. Another spectacular sight, seen for the first time on the 4th of January shooting water 150m up into the air, at the opening of the Burj. Also, by being extremely hospitable to its expats, Dubai promises to be a potential home. A place where one can earn their money and enjoy it. A city of luxury which makes a sedentary lifestyle the norm.
Lets not bother with the change of name, enough has been said about it and there are fundamentally 2 conflicting arguments as to why it was changed which are ultimately unimportant to the market. The one truism about it is that Abu Dhabi and Dubai, in times of hardship have strengthened their bonds and when support was needed, it was given. Politics aside, it’s still the Burj. It’s still the tallest building in the world and will be for a long time. That alone makes it a highly investable slice of property. The hope was that the grand opening would invite some positive press. Who would be surprised that in a time when most are suffering financially, this opening would be considered a show of arrogance? Arrogant or not, Dubai still has something great to boast about.