Throwing stones

I almost titled this editor’s letter ‘A little less conversation, a little more action’, because as I see it, for the last few months, there has been a lot of lip service about the construction industry in the Gulf.

Whether it was Cityscape Dubai or Big 5 or Index or the ubiquitous Proleads reports singing the praises of the region’s construction industry, people have been touting the strength of the market for months. I even contributed to the industry-wide love-fest by writing editor’s letters about the ‘post-Ramadan push’ and the bevy of burgeoning building projects.

Luckily, my first idea didn’t fit in the title box.

In light of the latest news from the Dubai World/Nakheel camps—which, at the time of writing, is still largely speculation—I sat pondering how best to convey those poignant Elvis Presley lyrics, but then I paused. Perhaps that’s not fair. Perhaps it’s both unfair and short-sighted to condemn the building industry in Dubai based on speculation and hearsay.

The European and US pundits wax intellectual on chat shows and in newspapers about how Dubai is finished and how it’ll soon become a modern ghost town, complete with dusty saloons and tumbleweed.

They sit casting stones in what has become one big global glass house.

Are major developers in the region in debt? Probably. Are major developers in the US and Europe in debt? Very much so. Has the building industry in the Middle East slowed down? Yes, but the pace of building in the GCC is still light years ahead of the grinding halt to which the same industries in the West have come. Have architects, facilities managers, developers and design professionals had to tighten their collective belts to do more with less in the Middle East building market? Absolutely.

Using the same metaphor, I wouldn’t be surprised if those same professionals in the West have traded in their belts, trousers, socks and shoes for the proverbial cardboard box.

My point is this: The trend in the Middle East’s building industry suggests the status quo is both solid and steady. Those I’ve spoken to in the industry don’t anticipate massive growth, but they’re also unconvinced that we’ll witness the bottom falling out of anything. The reason Western criticism has turned to Dubai in recent months is because throughout Europe and North America, the bottom has already fallen out and they’re beginning the slow and tedious process of rebuilding. When you’re a little guy—a ‘non-player’ if you will—it’s easy to take pot shots at those near the top because frankly, no one takes you seriously.

Those same critics hailed Sheikh Mohammed as a visionary and Dubai as a modern miracle for more than a decade. And, sure enough, now that Dubai has shown a glimpse of mortality, the vultures are circling. To the vultures, my only advice is this: No one has forgotten that your economies have crumbled and that your long legacies lay in ruins. Put your own house in order before training your sights on this one because, at the moment, you are non-players and no one is taking you seriously.