If You Build It, Will They Come?Dubai’s Latest Splurges What:The pioneer of modernity in the Middle East surges on with development plans, despite rocky financial markets.

The Dirt:
While Americans rejoice the end of the presidential campaign and the election of the first non-white president, the financial markets continue to falter, including those in the Middle East. Though the Gulf Cooperation Council (Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain, and Oman) states are sitting on hefty energy resources, dropping oil prices are forcing regional states to seek additional sources of income. Still, the states led mostly by wealthy sheikhs continue to expand through real estate and consumer developments, with many financial firms opening regional offices in Bahrain, Qatar and Saudi Arabia, too, tapping talented asset managers displaced from debacles in the developed nations. This time, we focus on Dubai. Here’s the latest from the luxury capital of the Middle East.

Before the government bailout package, the regional states were swooping in like knights in armor to save the western banks through injections. Then Abu Dhabi bought 75% of the Chrysler Building. Now, Silicon Alley Insider is reporting that Facebook needs a cash injection and is turning to Dubai for new cash. The same week Barack Obama was elected president, Nevada gambling regulators gave Dubai World the OK to invest upwards of US$6 billion in casino company MGM Mirage. The same week, the Reuters Middle East Investment Summit was host to a number of regional players, including the soon-to-launch Fly Dubai, which according to CEO Ghaith al-Ghaith, will launch in 2009 with a focus on the “four-hour radius.” Meanwhile, Dubai is at work on a metro that will include a green and red subway line set to open in 2009 and 2010, with a red line eventually extending to the Abu Dhabi border and a purple line serving as a commuter rail and airport service, according to the Roads & Transport Authority website. In keeping with the commercial vibe, Dubai is creating sponsored subway stations, with companies bidding the Roads and Transport Authority to buy the rights to name a subway stop, likely for the recommended 10-year minimum. Already, the national airline Emirates has been selected as one of the companies to sponsor a station, Emirates Business reports.

As for the consumer and celebrity front, Dubai Mall opened this week in the Downtown Burj Dubai development with 12 million square feet of space, produced by none other than Emaar Properties. The mall has popular high-end retailers including Bloomingdale’s, and leisure areas including a catwalk area, a market, and an Olympic-sized ice-skating rink. This will be followed by two more Emaar malls, located in Burj and Marina areas of Dubai. But while the shopping is alluring, nothing brings attention like celebrities. According to Arabian Business, Fergie is performing at Dubai Media City on November 14 and will be followed by Kylie Minogue, George Michael and Alicia Keys. But the celebrity move that really shows Dubai is still going strong is news of a famous chef’s planned migration. Gordon Ramsay is reportedly planning to move his family to Dubai within the next five years, reports Business Intelligence Middle East. Ramsay told the publication that: “I’m looking at a plot at the end of the Palm island branches. Mum’s in her sixties and she loves it.”