ENTREPRENEURS 3/31/2016 @ 11:42PM 27,183 views Dubai at dawn. Some cities seem to encapsulate a particular moment in time. Dubai, right now, seems to represent three moments, one more important than the other two. First, one of the last gasps of the oil culture; second, the rise of business as a way to govern society. And third, and most significantly, the shift in the world’s economy from developed markets toward emerging markets. I just came back from the annual conference put on by the Abraaj Group, the emerging markets private equity firm started by Arif Naqvi. Having gone with an eye toward getting a better sense of the city, I came away thinking about New York in the postWorld War II boom, when the city was ushering in the decades of America’s ascendance. Dubai is a Middle Eastern city, of course.
There are plenty of Gulf state characters in Rolls Royces pulling up to hotel bays, and the call to prayer echoes from the mosques. Dubai is also, as has been written, a sort of celebration of elegant consumption. In a jewelry store in the Dubai | COMPOSE Gmail for Work Elizabeth MacBride Contributor I cover entrepreneurs in the Middle East and North Africa. Opinions expressed by Forbes Contributors are their own. Ads powered byWajam 4/3/2016 Nine Reasons Dubai Could Be The Most Important City Of The 21st Century Forbes http://www.forbes.com/sites/elizabethmacbride/2016/03/31/9reasonsdubaicouldbe21stcenturycapital/print/ 2/5 elegant consumption. In a jewelry store in the Dubai Mall, I had this memorable exchange with a salesman who asked if I wanted to see a necklace. “I’m not sure I want to spend any money today,”
I said. “It’s 50% off.” “Off what?” “$10,000, down from $20,000.” “You don’t understand,” I said, my forthrightness sending him dashing for shelter behind his counter. “I’m not sure I want to spend $20 today.” But Dubai has invented itself as something bigger than any of those narrow identities. It is emerging as a global city, and possibly the emerging markets capital of the world. It’s one of the five fastestgrowing metropolitan areas, according to a January 2015 report from the Brookings Institute. The population of this United Arab Emirate is more 3.3 million today, up from about 1 million a decade ago; about 80 percent of those are expats. I’d been to Dubai last year, during July’s heat, when the temperatures were more than 120 degrees.