
Dubai, a part of the United Emirates, has a long history of domestic oil production which drastically changed after the Persian Gulf War in 1990. The etymology of the word Emirate means a dignified royal prince or political office of the Arab nation.
Tourism representing the largest part of it's gross domestic product, is built also upon oil, natural gas, real estate, trade, financial services and construction. After the Gulf War, the economy tanked causing large withdrawals from banks due to instability in the region.
Free zones in Dubai quickly developed after the Persian Gulf War producing trading communities, Maritime City, Media City, and Internet City. As oil prices continued to increase, Dubai continued to focus on tourism generating a gross domestic product of nearly $37 billion propping up Dubai society.
As oil production diminishes and is expected to exhaust in 20 years, Dubai quickly has become a tourist magnet through-out the free world attracting the attention of resorts like Legoland and Universal Studios.
Some of the tallest hotels in the world are found at Dubai. While private real estate investments increase, residential projects are popping up everywhere. Substantial increase in the cost of living has occurred by rising inflation as Dubai's skyline continued to be marked by massive construction.
At one point, Emirates had a vision to convert a large sandy area to the east into a into a theme park called Dubailand. Just before the global economic depression, Dubai began to build the biggest most extravagant entertainment venue ever seen.
As the recession deepened, Universal Studios Hollywood thrill-rides construction sat empty and deserted in Dubai's sandy dunes. Dubailand would be double the size of Disney World Orlando with huge shopping centers, sprawling golf courses, and world-class resorts.
Inicially, Emirates had a vision to attract some 15 million visitors in several years. But today, real estate officials seem to think that Dubailand having begun with great momentum, now is hard to sell to cash-strapped tourists.
The vision required nearly one hundred miles of desert that would house Universal Studios, Legoland, Six Flags, Tiger Woods golf course, race track, and much more. With the intention that Emirates wealth would prop-up the Arab economy, the project became to big, too fast.
Much of the projects plans have been stalled that would have included enclosed animals, rides, restaurants, snow-park and outlet malls. New target dates have been set by Dubai's official developer Tatweer for 2012 who insists that the projects are on track.
Hopefully, Dubai's officails will step back and attempt to inplement their lofty plans a bit slower in the months to come.