The completion of the worlds tower, The Burj Dubai, on January 4 2010, is a milestone for Dubai. Ten years ago Dubai began an economic ascent, a complete developmental and cultural restructuring that established them, more than ever before, a global top dog.
The tower, a glass and steel needle measuring in at 800 meters, served as a tangible representation of finally having reached the top. The tower was perhaps imagined as the most obvious in these statements, but it was not alone in its grandeur and expense.
Dubai began a number of other exorbitant construction projects around this time too, many of which were halted before completion or remain undeveloped lots as a result of the global economy.
The tower survived; but as it comes time to repay the debts, it no longer represents what it once did. Last week Dubai announced that it’s government-funded development group, Dubai World would need more time to repay the creditors it owes a staggering $60 billion.
In past years, Dubai has become a global hub for businessmen and investors looking to make fast money, and a lots of it. It was a go-to destination for real-estate investments, trading and investors laying down cash for the nation’s speedy developments. Now, investors with stake in the debt are angry and concerned, worrying that Dubai, in the current financial climate, be unable to repay the debts on any reasonable timeline.
The tower that once represents Dubai’s incredible and speedy rise has come to be a relic from a lost era.
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