In spite of morbidly gloomy predictions by foreign pundits that Dubai’s bubble had terminally burst, the economy is back on track. Recent headlines, such as “Hard times for the Arab capital of cool,” recently emblazoned in Building Design and Construction, show that some so-called experts are still failing to accurately read the tea leaves. Dubai is the Arab capital of cool – and so much more – and difficulties caused by the global downturn are fading into history. 

Almost exactly a year ago, an article in Britain’s Sunday Times was almost gloating in its message: “The party’s over in Dubai,” which was peppered with depressing unsubstantiated quotes, like: “I knew Dubai wanted to be number one in everything. I just didn’t realize that included the number one in boom and bust.” The writer got it spectacularly wrong. The lights may have flickered briefly, but the party’s just beginning. I’ll let the facts speak for themselves. 

In the first place, the global recession is coming to an end faster than was envisaged, according to the Organization for Economic Co-operation and Development , which predicts a dramatic turnaround for Asian economies generally and is positive on the recovery of most G7 nations. This welcome news will renew investor confidence worldwide. 

Secondly, earlier this month, the International Monetary Fund praised the UAE government’s reaction to the global crisis and said the country’s GDP was set to expand by 3 percent next year and a sustainable 5 percent in 2012. Also forecast, is a growth in domestic investment, a rise in global capital, burgeoning ex­ports and a 2009 inflation rate of just 1 percent. 

Against such a fertile backdrop, Dubai is well-placed to surge ahead; especially when concerns that Dubai might fail to meet its debt obligations have been allayed, thanks to the government’s innovative capital-raising strategies. 

Dubai’s Finance Department recently raised $1.93 billion from a dollar denominated, fixed-rate Islamic bond or sukuk sell-off. The government has further published a Euro Medium-Term Note prospectus aimed at raising $4 billion to be spent on financing infrastructure projects. 

Those doom merchants who claimed Dubai would not be able to pay its debt due this year, will soon be eating their words; as are those who thought that Dubai’s world-owned developer Nakheel would default on its obligations. In mid-October, Nakheel rebuffed the skeptics by repaying $1.19 billion in debt to various banks. 

While remaining focused on its current obligations, the government is shoring up the future. The recently inaugurated Dubai Metro has already served 2.5 million passengers; Dubai International Airport, which witnessed a 19.5 percent passenger traffic increase in September, is due to open a third concourse in 2012. Next year, the world’s largest airport, Al-Maktoum International Airport, will open in Jebel Ali, while Emirates is bucking the international trend by expanding its fleet and adding new routes. 

Symbolic of the emirate’s unflappable confidence is its planned bid to host the 2020 Olympics, which would be the first time that the games were held on Arab soil. 

As a businessman involved with almost all sectors of the economy, I can state with confidence that there is good news for the private sector too. Our construction business continues to be awarded lucrative contracts and our hotels are enjoying high occupancy rates. Our automotive subsidiary sold more vehicles in October than previous months. Moreover, due to record high demand, we are expanding our leasing fleet of 9,000 cars. 

Likewise, our schools have reported the highest number of student enrolments ever and have long waiting lists. We are certainly not alone in this evaluation: it’s no accident that Ferrari chose Dubai to open its largest merchandizing store worldwide this month. 

Dubai’s property market is also signaling recovery with prices having rebounded by nine percent since last April. In October, Emaar’s third-quarter net operating profit rose by 53 percent while its chairman Mohammad al-Abbar announced that there were “clear signals of real-estate prices gaining momentum in premium areas.” 

Lastly, to those few individuals who would derive some kind of warped pleasure from seeing Dubai turn into a ghost town, I would say categorically: “That’s never going to happen.” 

Dubai may not be the only destination that bridges Europe and Asia, but it is the only business, trading and tourism destination whose name is boldly engraved on the international map. 

Visionary leadership, entrepreneurial flair, skill and sheer hard work have combined to create, in less than five decades, a unique metropolis out of a coastal town dependent on dhows for its trading with India, Africa and other countries. I wish that the bad-news gloaters would reflect on this miraculous achievement that no amount of money could buy - and, indeed, Dubai, does not really have significant natural resources. 

And what a metropolis it is! There is nowhere in the region or the world that is anything like it in terms of stunning architecture, infrastructure, leisure facilities and individual opportunity. And there is nowhere else that can boast such a multi-cultural harmonious ambience. 

I sound like a proud national; that’s because I am. It gives me a warm feeling just to stroll around and register the smile-count as compared to other places. It may sound simplistic, but people here are happy in a stable, secure and open environment. Just to list Dubai’s international awards for excellence would fill the pages of this newspaper. 

Most importantly, Dubai opens its arms to anyone willing to contribute to its growth in return for a virtually tax-free lifestyle that is envied the planet over. Even America’s talk-show host Oprah Winfrey looked incredulous during a recent segment when she learned that Dubai imposes zero personal taxation, provides free medical treatment and no-one here goes hungry or is homeless.  I would like to invite Ms. Winfrey to come and see for herself.