Monday, October 15, 2007

60 Minutes on Dubai

I watched 60 Minutes on Dubai yesterday, which was great in that it had actual interviews by Sheikh Mohammed (rare), and which was awful in that 60 Minutes is awful.

I also think that some of the key themes that emerged were correct. Dubai has taken "if you build it, they will come" to heart and is making big bets on rolling out loads of new developments. The skyrocketing property prices reported on the show are real, but remember that this is in a region with no limits on development -- unlike San Francisco, supply will adjust to demand. Overall, Sheikh Mohammed, and his father, have done a great job running the country -- especially compared to the local competition.

The local competition gets an article in today's NYTimes. The article talks about how lovely Sharjah, Ajman, and Fujayrah are. Back in the day, all the Emirates were pretty similar, but the runaway success of Dubai has put the others to shame. I know most about Sharjah, since I grew up there, and I recommend the roads for anyone who wants to see bad decision making in action.

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