While I was away...

In my absence from the Sandlands there was another timely post by SecretDubai questioning the medium-term viability of the Dubai construction boom. Again she quotes Matein Khalid's 2005 conclusion that a sustainable outcome is unlikely.

"But in 2007-2008, a phenomenal 200,000 new units will hit the market. This means that we need about 800,000 new expats who are not labourers, housemaids, tailors, minimum wage bachelors or the Sharjah/Ajman commuters to fill these units. In essence, a doubling of the professional high income salaried population of Dubai in the next two years. Realistic? Not at all."

I think this question needs to be asked repeatedly... until somebody in a position of authority gives some guidance which can prevent Dubai (and Abu Dhabi, which is rapidly pushing onto the same real-estate slippery slope) becoming a wasteland of empty iconic towers, built by speculators whose financial dreams also turn out to be ironic post modern ruins.

And somebody might speak up. Sheikh Mohammad did last week, in his capacity as Vice President and Prime Minister of the UAE. Astonishingly - but almost certainly correctly - he made the point that at least three of his cabinet ministers are far from 'fit for purpose' and that a well established hand-out culture is one of the main barriers to any realistic hope of Emiratisation in the private sector.

Well said, sir!