Dubai…the brand name!
January 5, 2010 1 Comment
Dubai was the dream land for many people because of the accelerated development and the strong commercial foundation the city made for itself. During the glory days, I checked with several clothing stores owners in the market and most of them said that they sell most of the displayed items in less than a week. The real estate market was booming to the point where the average price for an apartment was $2,700 per square foot!
The past 18 months were economically difficult for many investors around the world. Most of the motivational speakers and wise people tell us to look at the bright side of the matter and I would like to talk about it in this blog. Every summer we hear about the forest fire in many locations around the world. The good thing about this natural forest fire is eliminating the plantation over growth that consume the available resources. The forest would start from zero to grow new plants and trees to become a newly build forced (and maybe better than before). The good thing about the economic recession is eliminating the weak businesses and overwhelming initiatives in the world market. The strong businesses will buy the weak and mismanaged business to rise again as a stronger and well-integrated enterprise.
Until the end of 2007, Dubai was a brand name known around the world similar to many famous cities. Like many brands, Dubai had a major setback during the recession that exposed many fragile businesses and their supporting services. The chain effect of losing some businesses dragged down with it the good and strong companies in Dubai. Last year Dubai celebrated Atlantis Hotel opening by spending on the fireworks more than what China spent on the last Olympics opening. Dubai celebrated the world tallest building “Burj Dubai” yesterday quietly to the point where some observers equated the event with Dubai’s economical situation, just “Quiet”.
Last summer I took advantage of a competitive offer made by Kuwait Airways to stay at Atlantis hotel for a weekend. Economically, Dubai has a long way to go (minimum one year) to recover from the deep recession it is going through now. So this summer I recommend that you look for a good family vacation in Dubai were the prices are low and the service is excellent.