
Not the end of The World: the return of Dubai's ultimate folly - pmcpinto
https://www.theguardian.com/cities/2018/feb/13/not-end-the-world-return-dubai-ultimate-folly
======
gwern
If the property market is still so hot after the worst global recession in
decades and the previous ultimate folly sold so well and they're still able to
get funding for the new one, in what sense is it a folly rather than a
successful investment catering to the global elite?

~~~
Analemma_
One problem is that the islands are eroding [1], so any property built on them
is doomed. You can delay the inevitable for a little while by pumping more
sand in, but sand is running out [2].

More abstractly, The World really reminds me of the semi-serious "skyscraper
index": the idea that big skyscrapers break ground right before a recession
starts. The last time anyone cared about something as silly as The World was
the eve of the Great Recession, and with renewed interest just as the warning
signs are flashing that the bull run of the last 7 years is ending, this looks
like irrational exuberance rather than sound investment.

But hey, maybe this time will be different.

[1]
[https://www.telegraph.co.uk/news/worldnews/middleeast/dubai/...](https://www.telegraph.co.uk/news/worldnews/middleeast/dubai/8271643/The-
World-is-sinking-Dubai-islands-falling-into-the-sea.html)

[2] [https://www.newyorker.com/magazine/2017/05/29/the-world-
is-r...](https://www.newyorker.com/magazine/2017/05/29/the-world-is-running-
out-of-sand)

~~~
gwern
All property is 'doomed', though. All beachshore property will inevitably
become either (a) water or (b) not beachshore. (And probably more the former
than the latter.) Doesn't make them a bad idea. Even if it's not near a beach,
the house will wear out and either need to be replaced piece by piece or in
its entirety. And sand may get more expensive, but it's never going to 'run
out'. The World may have high maintenance costs, but most mansions, yachts,
and private jets do too. If you're rich, you can afford it.

~~~
sbierwagen
All property is doomed, but some properties are more doomed than others. 2
metres of sealevel rise won't be kind to The World, plus a projected wet bulb
temp over 35 C by 2100 in that part of the world.
[https://www.nature.com/articles/nclimate2833](https://www.nature.com/articles/nclimate2833)

Even the very rich might prefer to not live on a sinking pile of sand, where
an air conditioning failure results in death within hours.

------
dhruvrrp
The problem with The World is that it was designed during Dubai’s ‘throw money
and solve the problem’ phase. They knew the islands were/would erode and had a
very expensive rebuilding process in the works. Also iirc utilities were very
expensive, which pushed it out of the budget of rich people. You had to be
ultra-rich/a big corporation to be able to afford a place there.

The Dubai of now is still an ostentatious place, but at least it’s embracing
its resort town/holiday destination image with the multiple theme parks, water
parks and shopping malls. More in line with, say, Florida but more luxurious.

------
wrong_variable
The UAE is an independent country and can do whatever it wants.

A few weeks ago the guardian was complaining about the "folly" of Musk sending
a Roadstar to space.

It seems to me that anything that is not about feeding poor people is africa
is a waste of time if you are a guardian writer.

I am glad that Dubai is pushing the envelop of engineering - yes its kinda
stupid - but so was electricity at one point. Maybe these projects will
someday lead to them gaining the expertise to turn the middle east into some
sort of futurist garden of Eden ?

Compared to the looming war in the Congo, and the humanitarian crisis in
Burma, alongside North Korea's nuke - doing a large civil engineering project
seems downright nobel.

And the migrant workers getting paid slave wages ..

Are we supposed to pay them 3000 pounds / month like Journalists ? /s

They are getting paid better than what they would get paid back in the
countries they are from - sometimes multiple times. I do not see Guardian
writers shedding tears for all the folks in 3rd world countries that would
consider themselves lucky to go work for tax evading Europeans so that they
can feed their family.

~~~
meri_dian
These people are beyond hope. They are basically Communists. They can't grasp
the benefits of the modern economy and so they just complain.

Sure it would be nice if workers were paid more. It would also be nice if a
homeless person could sleep in a bed tonight, or at least on a couch. Perhaps
a Guardian writer could spare their couch? That wouldn't be too much to ask.

~~~
amenghra
There’s a difference between communism and monarchy.

It’s not all black and white, but I don’t think you can call Dubai a communist
city/state.

~~~
wrong_variable
He is not calling Dubai a communist state, he is calling people who are
criticizing how a sovereign country spends its income communist - which is
true by definition.

~~~
kurthr
I'm confused by "calling people who are criticizing how a sovereign country
spends its income communist - which is true by definition". So if I criticize
how a monarchy or a "communist" country (like Dubai or China), or even a
"capitalist" country like the US or EU spends their money then... I'm a
communist? No.

If you recommend that the workers own the means of production then you might
be a communist, but it's silly to all criticism communist. You might as well
call everyone who criticizes a Nazi (i.e. socialists==communists, am I
right?).

