Jim Krane: City of Gold: Dubai and the Dream of Capitalism

In 2009, the author wrote "The dark side of Dubai's success" for The Guardian, in which he said this: You underestimate Dubai at your own risk. Its concoctions look ridiculous to rational-minded people. It is difficult to believe the city can succeed. But it does. Over and over, for decades, Dubai has humiliated its naysayers. This time, though, Dubai's mistake could inflict lasting damage. The projects behind the city's debts may have been flights of fancy – artificial islands larger than Hong Kong, water-sucking golf courses, and an amusement zone bigger than Orlando – but the debts behind them are not. The damage could take years to live down. Dubai, with all of its excess, is the biggest thing to happen in the Arab world for 700 years. Its rise is part of an eastward shift in the Middle East's centre of gravity, from the old Mediterranean capitals to the brash new ones on the Gulf. Dubai's success is important for the region, and for the rest of us who would like to see more stability in this roiled part of the world, where the conflicts often spill into our streets. Read that piece for The Guardian here.