One tower’s name change does not a meltdown make
Added 03 March 2010 by Robert Parker
The biggest shock to us Dubai expatriates hit like a tsunami on 4 January with 10,000 fireworks announcing the opening of the 2716 foot high Burj Khalifa, the tallest tower in the world. The shock wasn’t the fireworks that probably cost $1m or the base jumpers who created a world record by jumping off the top. The shock was the new name.
The name change has created an economic meltdown for Dubai's souvenir vendors and gift shop owners, who will have to throw away their T-shirts and gizmos bearing the old name
The name change from Burj Dubai to Burj Khalifa was a last-minute honour bestowed on the president of the United Arab Emirates by Sheikh Mohammed bin Maktoum, ruler of Dubai.
The name change has created an economic meltdown for the nation’s souvenir vendors and gift shop owners, who will have to throw away their T-shirts and gizmos bearing the old name.
But is this indicative of an economic meltdown in Dubai? The answer is a resounding no.
The Empire State Building opened during the Depression, the Sears Tower during the mid-1970s downturn, and Malaysia’s Petronas Towers were inaugurated during the 1990s Asian financial crisis. They withstood the hard times to become long-lasting icons of sustainable economies.
With its wealthy neighbour how can Dubai fail? More importantly, Sheikh Mohammed has created not just an icon but an iconic city and it is now way past the point of success or failure. Dubai is years ahead of its rivals as the place to set up business in the Gulf – phenomenal infrastructure, a government that works, an airline that has taken on the world and won and a free port to rival any.
IFAs that I know are gearing up for a decade of expansion.
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