Monday, November 25, 2013

Dubai world Expo bid stirs worry of second bubble



(AP) Climb Mount Kilimanjaro, Africa's highest peak, and you might spot an unusual banner: A flag placed by six climbers emblazoned with the logo of Dubai's bid to host a World's fair in 2020.

In Dubai, the logo is also plastered on police cars, convenience store bags, storefronts, taxis, receipts, government buildings and even on new resident visa forms. Countdowns to Wednesday's decision of who will host Expo 2020 also appear on one of Dubai's main highways and in one of its main English-language daily newspaper.

Dubai's rulers say their futuristic city of skyscrapers is ideal to host the event. But their well-oiled public-relations campaign belies a worry among many in the United Arab Emirates city that increased building and real-estate speculation driven by the event could put it on the cusp of another financial crisis.

Read full article here.

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