The Atlantis resort at man-made Palm Island in Dubai.
I've been thinking a lot about the desert lately as I prepare for my trip to Egypt next week. New York Magazine had a great article about how the promised land of opportunity is starting to feel the pinch of the credit crisis, and now comes this news from Bloomberg:
Real-estate prices may drop 20 percent or more, analysts at EFG-Hermes Holding SAE, the biggest publicly traded investment bank in Egypt, said in a report this week.
Nakheel PJSC, the Dubai state-owned developer of three palm-shaped islands in the Persian Gulf, said Nov. 30 that it is scaling back or delaying work on some of its $30 billion in projects, including the 62-story Trump International Hotel & Tower near the Mega Yacht Club on the trunk of Palm Jumeirah.
Maybe it's time for a Planet Money field trip.
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