COMMENTS: Palm Shape Goes Pear Shaped

"The poster child of excess," NBC's Martin Fletcher called it, "the world's tallest building, palm-shaped islands reclaimed from the sea, Arabia's only indoor ski slope." He was, of course, reporting from Dubai where the global recession of falling oil prices and tightening credit have finally hit home. Daily layoffs in Dubai number 1,500 and Fletcher showed us a skyline of idle construction cranes. At the city's annual real estate fair he managed to get this soundbite: "It has become a bit slow." Opined Fletcher: "Nobody will admit how bad things are. They are doing their best to keep their game face on."


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