Dubai Is Back in the Spotlight, but a New Generation of Signature Projects Must Deliver Benefits
Does Dubai have anything left for an encore? After decades of rapid growth and dynamic construction projects that crowned it a global business hub and architectural spectacle, the largest city in the United Arab Emirates is at a crossroads. Last year, the marvel of the Persian Gulf saw its GDP growth rate drop to 1.9 percent, the slowest increase since 2010. Property prices are down 25 percent since 2014, forcing real estate developers to cut jobs and delay payments to suppliers. Yet despite this sluggish environment, Dubai is ramping up for another moment in the spotlight.