...like there's no tomorrow?
Dubai defied the economic crisis last night as stars flocked to South African billionaire Sol Kerzner's Atlantis resort for a $20 million party that included the world's largest fireworks display dazzling enough to be seen from space and a performance by pop singer Kylie Minogue.
``We're very aware of the fact that the economy is not great,'' Kerzner, 73, said in a Bloomberg Television interview on Nov. 18. ``Nevertheless, compare that to the $1.5 billion investment and the importance of the return and the coverage that one needs to achieve it, one believes we've built something that's quite unique, on a grand scale, and that deserves and will grab the attention of world media, that's the best way of marketing and launching the product.''
Kerzner is splitting the cost of the party with Dubai government-owned Nakheel PJSC, developer of the Palm.
Sultan bin Sulayem, Nakheel's chairman, declined to discuss the weakening of the real-estate market, responding only, ``I don't think it will get worse.''