Jaunted

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Even Dubai Residents Don't Want To Be There Any More

Perhaps the global economic crisis was always going to hit Dubai harder than most cities: Its explosive growth and splashy, celebrity-studded new projects may have earned it a spot in the dictionary illustrating the word "hubris." But the exodus of foreigners who rushed to the emirate for plush jobs raises some unsettling questions about its future.

The New York Times reported today that former engineers, advertising executives and financiers are ditching their cars and their apartments as their work visas expire. The real estate and tourism industries are in such a crater that these people are willing to risk debtors' prison in order to get out. And with no bailout forthcoming from the other members of the United Arab Emirates, Dubai officials seem to have trouble even admitting that there is a crisis.

Will Dubai be able to bounce back despite its loads of debt and ailing industries? Or will it stand deserted in the desert, devolving into that city from "Wall*E"? Truth is, we may have knocked its ever more extravagant offerings, but we kind of always wanted to see what the fuss was about. Guess we should take a trip before it's too late.

Related Stories:
· Laid-Off Foreigners Flee as Dubai Spirals Down [New York Times]
· Three Weeks Ago: Bad Economy Gives Dubai A Good Kick in the Shins [Jaunted]
· Dubai Secretly Turned On By The Idea Of More Beach Liasons [Jaunted]
· Dubai Building Islands, Buying Up Celebrity Souls [Jaunted]

[Photo: ~Aphrodite]