DUBAI - IMAGINATION WITHOUT LIMITS
Ambitious urban developments often seem to take a lifetime to complete. In Dubai they appear to not only happen overnight but to outstrip the most vivid of imaginations in architectural innovation.
In less than ten years, this tiny United Arab Emirate state has virtually leaped off the map with a dazzling fantasy of futuristic developments that have thrust it into the global property investment spotlight and prompted an international construction boom of unprecedented proportions.
The Dubai vista is hard to beat. At its crowning glory, two huge man-made islands carved in the shape of date palms laze 72 miles offshore in the azure waters of the Arabian Gulf. Dubbed as the "eighth wonder of the world", the Palm Jumeirah and Palm Jebel Ali islands claim to fame comes not only from the fact that they are visibile from space but from the line up of VIP buyers, including David Beckham, who were among the first to snap up properties there.
The islands play home to some of the most luxurious dwellings in the world and offer equally plush lifestyles to match. Their sun-splashed pink and white villas, apartments and terraced penthouses are set between thousands of shady nursery nurtured palms that wend their way to private beaches, golf courses, marinas, health clubs and leisure resorts.
Known locally as "The Palms" the sheer ingenuity of the twin islands development has attracted global media interest and has been instrumental in driving Dubai's soaring property market. Jumeirah was, in fact, sold out well before completion and much of Palm Jebel Ali has also gone under the hammer. Dubai, however, has already embarked on an even more ambitious offshore development.
Called "The World", the latest $4 billion creation straddles 223 man-made islands intricately carved to portray the world map. Visible from space, from the air and from atop Dubai city's own gleaming array of skyscrapers, the development further complements Dubai's claim of offering extraordinary lifestyles and unparalled investment opportunities.
Due for completion in 2008, swathes of World land have already been snapped up by developers and investors and, in true Dubai style, are rumored to have already brought the likes of Rod Stewart and Al Pacino running to respectively claim sections of Britain and Italy.
Themed to reflect the countries and regions they represent and accessible only by water, the World offers major property developers and investors a unique opportunity to create idyllic private water retreats and hideaways in a superb location.
Dubai planners envision an eventual blend of World properties to suit all pockets. Eventual home owners, however, will be likely to share the ocean map with some of the world's most elite residences.
As an early indication of things to come, a leading Kuwait public company has just announced the purchase, for an undisclosed sum, of the Australasia segment of the World map. It plans to turn the section into a five star luxury residential retreat called Oqyana (Arabic for Oceana). It expects to generate an end-created value of $3.5 billion for the development.
In words, Dubai's island developments tend to sound a bit like Disneyland, Las Vegas and Monte-Carlo embracing in some grand offshore liason. In practice though, the State's planners and the pick of the world's property developers involved, have so far been remarkably successful at transforming Dubai into one of the world's most sophisticated, richly vibrant, modern cities of the future.
Money, of course, helps. Oil rich Dubai isn't short of it but the development blueprint itself is driven by the fact that the State's oil reserves are expected to dwindle by 2020.
Unlike many Arab oil producers, Dubai is fortunate in that it was never really addicted to oil revenues. The oil started flowing relatively late in 1969 when it had already established a flourishing entrepot economy and supplies had begun to shrink by the early 1990s'. Dubai was thus obliged to develop its non-oil service and industrial economy rapidly and has done so with considerable success.
It's difficult to conceive today that only 40 years ago this tiny state had no electricity, piped water or paved roads. It did, however, boast a long trading and seafaring history dating back some 600 years to the days when fleets of merchant dhows lined its banks and sailed the seas to earn rich rewards for their cargos of silk, spices, pearls and gold.
Dubai's trading traits remain a vital part of its character and a mainstay of its economy. It owes much to its time-zone bridge location between the Far East and Europe on the East-West axis and the CIS and Africa on the North-South axis. It has enabled established trading links to flourish among the population of over 1.5 billion people in neighboring regions covering the Gulf, Middle East/Eastern Mediterranean, CIS, Central Asia, Africa and the Asian sub-continent.
Those traditional links are reflected in the diverse make-up of Dubai's population and in both the outward looking liberal policies of the State and its very cosmopolitan atmosphere. Some 20% of the population are Emirati, 23% other Arab or Iranian and over 50% Indian, Bangladeshi, Sri Lankan, Filipino, other Asian and Western.
This eclectic mix of nationalities lends itself to an extraordinary blend of cultural and creative diversity that evidences itself in Dubai's lifestyle and in its bustling success as a globally advanced, multi-lingual commercial and hi-tech center.
Dubai, in fact,first hit the world stage back in October 2000 when it opened Dubai Internet City, an ultra-sophisticated development which plays home to a host of key hi-tech companies from East and West. Dubai is now the only country in the world with an e-government that enables all of the State's affairs to be conducted online.
It's not difficult to see how such elements have combined to thrust Dubai into the future with such panache or why this State seems to have leafed its way through a library of global fantasy volumes to dream up some of the most spectacularly amazing - and to some, outrageously absurd - development projects outside of Disney and Vegas.
Whatever the formula, Dubai has managed to turn its blank canvas into an incredibly successful, extremely original, ultra sophisticated urban development that continues to offer new surprises.
The list of ongoing projects, in fact, seems never ending as Dubai moves from coast, to inland residential areas built alongside canals and lakes, to desert ranches, towering hotel and leisure complexes and on to International City, perhaps its most challenging inland development of all.
Located just 12 kilometers from Dubai Airport, International City is a dramatic new complex that's designed to provide a world-class hub for international investors, traders and retailers from around the world. It also cleverly incorporates a base for Chinese business and investment.
Developed by Nakheel, Dubai's premier real estate developer who also has "The World" among its projects, International City is described as an "iconic" development. That's hardly surprising. The 800 hectare project comprises several key areas including the Central District, Dubai Gates, the Dragon Mart, the Residential District, Lake District and the Forbidden City.
The residential district, which will eventually play home to 60,000 residents, features easily affordable studios and one bedroomed apartments. Set in individual neighborhoods, the dwellings feature the unique architectural styles of England, Italy, Spain, Morocco, Persia, Greece, China, Indonesia, Russia, Thailand and France.
The Chinese are among the line-up of first buyers. In fact, more than 3,000 of their companies will settle into the Dragon Mart upon completion. They should feel quite at home. Forbidden City is to contain a replica of one of their biggest ancient Chinese buildings. Set across a 240,000 sq.m area. It will eventually offer more residentail accommodation, retail outlets, museums, performance courts and gardens.
To match the sheer scale of its efforts to transform Dubai into a state-of-the-art center of business and leisure, massive expansion is also underway at Dubai Airport to allow it to cope with the predicted 60 million passengers and millions of tons of cargo that it expects to pass through its halls by 2010.
The $2.5 billion construction project will add a third passenger terminal, runways and a mega cargo area to the existing facilities and, of course, more traveler comforts.
Dubai Airport, in fact, already has an award winning 5,400 sm Duty Free mall, its own swimming pool and health club, a fully equipped hospital, hi-tech communications centers and 25 cafes and restaurants serving French, Lebanese, Indian, Chinese, Mongolian, Irish, Italian and local foods...not to mention the odd burger.
As one of seven members of the United Arab Emirates, Dubai's strides into the future not only set it apart but provide a vision of the future for other oil and gas dependent states. It is the only UAE state with a viable non-oil reliant economy and among the few world oil producing countries to have structured an alternative future.
For investors, the quickly unfolding Dubai development plan provides incredible opportunities for lucrative involvement in the residential, commercial, tourism and business sectors.
Already one of the world's fastest growing tourist destinations, Dubai hotels expect to welcome 15 million guests by 2010 (up from 5 million last year) while on the commercial front, prime space is being snapped off the drawing board by a line up of Fortune 500 companies determineed to have a presence.
There are, of course, the sceptics who view the Arab Gulf as an unknown entity on the world map. In fact, black gold aside, it was. Economic globalization combined with a future of falling oil reserves, have, however, vastly changed that scenario.
Dubai has steered its own course but others in the Gulf region have also been inspired to follow suit. Abu Dhabi, Qatar, Oman, Bahrain and Kuwait have announced multi-million dollar projects and across the Gulf, fast developing Iran is also about to enter the foray.
Ambitious beyond measure, Dubai's property developments come complete with a rare set of fundamentals that make them even more attractive for British investors.
Aside from the golden asset of all-year-round sunshine, Dubai's open and stable economy levies no direct taxes on personal income or corporate profits, permits 100% repatriation of capital and profits, has no foreign exchange controls and its customs duties are low at 4% with many exemptions.
For those who want a more heavenly on-the-spot view of what one local developer describes as "imagination without limits", Dubai's Burj-al-Arab Hotel awaits you. At 321 meters, the world's only seven star hotel (featured on our cover) sits on its own island, has an unforgettable sail-like structure and an interior that "exudes opulent excellence".
The all-suite hotel is a mere seven hour direct flight away from London and offers the single traveler the ultimate in elegant accommodation, floor-by-floor reception, a private butler and personal attention from just over 1,000 pounds per night.
Well, as they might tell you in Dubai, it's nice to be different.