Economy...FAIL!

For the last two or so years, it has become a guarantee that when you read or watch the news, US or international, you will hear about crumbling economic conditions. This has become a very real and apparent situation in Dubai. This city-state, founded on speculation and investment on the promise of large future returns, was hit very hard by the economic turn down. A few months ago Dubai's economic struggle almost became one of epic proportions when it nearly failed to pay its first installments on massive loans. A default of this size would be disastrous not only to Dubai but to other economies as well.

Signs of the turn down aren't only apparent to those who follow economics or the news, but can be seen just driving down the street.

Only a year ago, cranes use to cram the skyline. Buildings were going up as fast as was humanly possibly. Today, only few dot the view. Construction equipment, like those above, sit in endless rows, unused filling empty parking lots. Tens of thousands of laborers, engineers, and construction workers were sent home.

Massive projects slated to begin were halted. Below is the proposed "Dubailand" Universal Studios amusement park that only got as far as an entrance arch. The project is suppose to resume when funding is available. Till then, the acres of land sit sandy and empty.

Universal Studios archway

It is however projected that the economy of Dubai has the worse behind it. It should start to make slow but gradual incline. By 2015 everything should be right back where it was.  As for the American economy, thats another story.