Dubai was founded on trade, not real estate booms. It was founded on entrepeneurialism and what ‘the authorities’ always liked to call a ‘laissez faire’ attitude to free market economics. It was opportunistic. And it will continue to succeed on trade, not selling implausible dreams. Its most successful and enduring assets, Jebel Ali, Emirates, Port Rashid and others, are built on trade.
The million dollar question is whether we, collectively, have learned our lesson. Whether we can build for the future without being pitched back into the nightmare of the boom.
Good read: Are We Back On Track? by @alexandermcnabb