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Dubai Wise to Spend. . .
. . . or not? Ghaith Al Ghaith believes Dubai did the right thing by spending post crisis, do you agree?
May 2, 2011 3:35 by shafeer
The CEO of flydubai, Ghaith Al Ghaith, made some interesting comments recently regarding Dubai’s “good judgment” to spend before and during the economic crisis. Yes, we know, Dubai, good judgment and spending very rarely feature in a sentence together, but hear us out.
Ghaith Al Ghaith said: “Many people doubted Dubai for continuing to spend money on the development of hotels and associated tourism infrastructure at a time when people were cutting back on their travel spend, but Dubai was right.”
Now, Kipp can think of a few people who would argue that a lot of Dubai’s spending post the Lehman Brothers’ shocker up until the Dubai World debacle was nothing more than a combination of denial and a desire to create a false sense of security. But Kipp wants to know what you think.
Do you agree with Ghaith? Do you think Dubai’s spending was, indeed, wise? Or do you think it was just a callous attempt at inducing confidence?