Fr : version française / En: english version
However, the most extravagant of these projects linked to the world of finance has appeared well beyond the borders of the United States, on the Arabian Peninsula, in a way closing the circle begun in Babylon several millennia earlier.
Dubai is home to the world's tallest building, a seven-star hotel and artificial islands, all of which have been conjured in the space of just a few years. Some see it as extravagant and magical; others believe it absurd and unbelievable. What is certain is that its technological and commercial prowess leaves nobody indifferent.
The modern city of Dubai was born of the emirate's drive to reconvert its economy to business and tourism. In 1990, oil accounted for 45% of GDP; in 2006, it represented only 10%. Before the fifties oil boom, Dubai was already known for its luxury industry thanks to the reputation of its pearl divers.
The speed with which the transformation took place stems from a number of factors: a strong political campaign, which helped set up financial and real-estate consortiums, an influx of foreign investors and the deplorable working conditions of the laborers brought in to carry out the project (a throwback to the construction of Saint Petersburg in 1706).
The wildest of projects have been common currency in Dubai... and have become a reality in record time: the Dubai Marina, which stretches over 5,000 hectares and includes 200 high-rise buildings, finished in just ten years; the Burj Dubai, the tallest-ever man-made construction at 880 meters, was built in five years (the final height of the building had not even been decided by the time work got under way).
Dubai's population has grown considerably, multiplying fivefold in 25 years to reach a total of 1,700,000 people, over 60% of whom are immigrant workers brought in to help build the city.