Dubai, between tourism and surplus 2

But the scale of investment in Dubai are impressive, even when compared with other urban projects-see previous post for more data. The flow of money thanks to oil prices combined with an enormous availability of money in the world market, and combine two key points: the need for United Arab Emirates thinking about a future without oil, a few decades, and demand of luxury goods, due to the existence of a class millionaire who has the availability of spending without too many problems.

Dubai is not the only case in the world from an area that is being transformed thanks to the availability of capital. Of course, China is the other case, even much larger scales. But Dubai is the one who took to tourism and availability of services as the key to development. The project is transformed into a hub of business, which means, of course, have the best services for business travelers. And now the financing is not going to miss: the high price of oil will continue to demand U.S. and China.

Demand for new investment in Dubai is a vacuum of money for very punctual: to create the biggest global market for travelers with a lot of capacity to spend. Since that already existed earlier projects for this market segment, but not at the scale being developed there. Building the building and shopping mall world's largest artificial islands, a giant airport, is not something that happens every day. But it would be a mistake to think Dubai as a kind of "local project". As soon arose over the issue of financial surplus and urbanization, "far from thinking their logical growth or retraction as purely local phenomena, we need to think together with global trends in investment in capitalism, and its recurring crisis surplus capital ". Dubai is far from being only a tourism project; can only be thought of in relation to the latest economic transformations, income inequality, the enormous demand for primary products, the consolidation of a class of millionaires, and the increasing globalization of international financial flows.

Speaking only of tourism, in the case of Dubai, hides many of the interesting relationships to analyze. For example, the relationship between international demand for primary commodities, banking and finance, which make this project possible. But not everything ends there. It should also look at how these issues are linked to the "modular freedoms" of which we spoke in the previous entry on Dubai.