brampton = bramladesh as we say in Ontario…
I’m surprised that an american would actually know this. Had i posted it i’m sure everyone would have thought it was a conspiracy theory as with all other truths that don’t align with whatever you get fed.
However, even that explanation, real estate being the primary driver of Dubai’s economy, is not the primary reason, it is a symptom.
Dubai; like delaware, the caymans, the bahamas, and especially Liechtenstein, are and were strategically developed as corporate tax havens. I dont have the ratio on Dubai, but in Liechtenstein the number of corporations calling it home more than doubles the national population. The tax revenues and subsequent participation of these corporations in the economies in which they pay their taxes have a crazy impact on the countries or regions.
In that sense, oil money does play a major impact. You have thousands of multi-billionaires throughout the middle east that go to Dubai or Abu Dahbi (similar tax appeal) to reside or house their money and build thier investment portfolios because of the tax implications but also because of the slightly westernized lifestyle, with a towel-head twist.
then there is the las vegas, macau development type mentality… just build the shit and then make the people come.
most of the developments in Dubai are ghost towns despite their grandeur
and buildings of archetexually dubai are visting the me someday