A few weeks ago in Dubai, Atlantis opened and a $20 million party was thrown to commemorate the grand opening of this $1 billion hotel. Massive fireworks and celebrities abound culminated the event. Suites in the hotel go for $35,000 per night. The project is part of a decade-long trillion dollar building boom in Dubai. 67% of Dubai's revenue is from tourism.
The Burj Dubai, the soon-to-be tallest building in the world, is under construction in Dubai. The Dubai financial markets, like many others, have lost 70% of their value since the summer. Robert Prechter's research illustrates that during major credit expansion periods, the tallest buildings "of their time" have been constructed. The Burj Dubai might be a great example of this phenomenom. Euphoria rules at the crest of the tidal wave.