Even though Dubai’s boom has turned to bust, the emirate known for its gaudy exuberance, which comedian Jon Stewart once called ‘what happens when Saudi Arabia and Las Vegas have a baby,’ couldn’t restrain itself from yet one more big bash.
South African casino owner Solomon Kerzner spent $20 million on fireworks and other party notions to celebrate the opening of his new Atlantis resort on Dubai’s Palm Island, at an event bedecked by celebrities such as Robert DeNiro and Charlize Theron. As soon as the fireworks ended, Atlantis “goddess” Priyanka Chopra called for partying to begin, and Kylie Minogue led the way.
Still, real estate prices on Dubai’s Palm Jumeirah island have fallen by 40%, since prospective buyers can no longer easily get loans, given the credit crunch.
You have to wonder whether the world’s first “dynamic building” is still going to get built.