Rising from the desert sands, seeming to pierce the very heavens above, the Burj Khalifa glimmers under a clear blue sky. Dwarfing the massive skyscrapers that make up the profile of the city skyline, this post-modern jewel towers over the desert oasis that is the city of Dubai.
From the Palm Islands to Dubai World, the man-made islands rising from the waters of the gulf, to the world's tallest skyscraper, the Burj Khalifa, Dubai has been building the dreams of men. But there is trouble in paradise. Dreams are a fleeting and expensive thing. Though Dubai has proven that such wonders can indeed be dragged into reality, more often than not they have to be brought in kicking and screaming.
Dubai World
According to a Bloomberg Press article by Arif Sharif and Laura Cochrane from Nov. 26, 2009 the cost of these projects has been astronomical. Dubai World, a set of man-man islands laid out to look like a satellite view of the entire globe, has some serious financial problems. Dubai said in an email statement that its state controlled Nakheel Company would ask creditors for a standstill agreement so it could extend the maturity of bond dates on the $59 billion worth of liabilites accumulated during the construction boom.