Today marks the official inauguration of the world’s tallest building, the Burj in Dubai. While the opening comes at a rocky time for the emirate and for the global real estate market, it was greeted with great fanfare, including, cannily, renaming the building the Burj Khalifa, after the president of neighboring Abu Dhabi, Sheik Khalifa bin Zayed Al Nahyan. The move signaled both Dubai’s gratitude for Abu Dhabi’s recent bailout and the unity of the emirates through the financial crisis.
When I was out in LA at Postopolis!, one of the most interesting and memorable talks I heard was Christopher Hawthorne’s, on the chilling, almost creepy, effect the recession has had on the United Arab Emirates, in particular Dubai. While he still hasn’t written up his version of his trip–and we wish he would, because the talk was so interesting–the basic gist was that construction had all but stopped in Dubai, and to some degree in Abu Dhabi (to say nothing of New York and LA), because the spigot of liquidity-né-money had dried up with the collapse of the financial system. He termed it Ponzi-scheme urbanism. Well, it seems some things are still moving out in the wild, sandy yonder, as RMJM’s Princeton office (formerly Hillier) just passed along the following impressive photo of its Capital Gate tower passing the half-way mark. Read More