The lodestone of Dubai, of course, is 'peak oil
-- The lodestone of Dubai, of course, is ‘peak oil’ and each time you spend $50 to fill your tank, you are helping to irrigate al-Maktoum’s oasis. Fuel prices are currently inflated by industrial China’s soaring demand as well as growing fears of war and terrorism in the global oil patch. According to the Wall Street Journal, ‘consumers will [have paid] $1.2 trillion more in 2004 and 2005 together for oil products than they did in 2003’.  As in the 1970s, a huge and disruptive transfer of wealth is taking place between oil-consuming and oil-producing nations. Already visible on the horizon, moreover, is Hubbert’s Peak, the tipping point when new petroleum reserves will no longer offset global demand, and thereafter oil prices will become truly stratospheric. In some utopian economic model, perhaps, this windfall would become an investment fund for shifting the global economy to renewable energy while reducing greenhouse gas output and raising the environmental efficiency of urban systems. In the real world of capitalism, however, it has become a subsidy for the apocalyptic luxuries that Dubai is coming to epitomize.
Indeed, since 9/11 a huge investigative literature has explored Dubai’s role as ‘the financial hub for Islamic militant groups’, especially al-Qaeda and the Taliban: ‘all roads lead to Dubai when it comes to [terrorist] money’, claims a former high-ranking us Treasury official. Bin Laden reportedly transferred large sums through the government-owned Dubai Islamic Bank, while the Taliban used the city’s unregulated gold markets to transform their opium taxes, paid in gold bullion, into laundered dollars.  In his best-selling Ghost Wars, Steve Coll claims that after the catastrophic al-Qaeda bombings of the us embassies in Nairobi and Dar es Salaam, a cia scheme to target bin Laden with cruise missiles while he was falcon hunting in southern Afghanistan had to be aborted because he was in the company of unnamed Emirati royalty. Coll adds that the cia ‘also suspected that C-130s flying out of Dubai carried weapons to the Taliban’. In addition, al-Maktoum for almost a decade provided luxurious sanctuary for Bombay’s Al Capone, the legendary gangster Dawood Ibrahim. His presence in the sheikhdom in the late 1980s was hardly low-key. -- From: FEAR AND MONEY IN DUBAI by Mike Davis
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