Dubai is in the midst of yet another mega-project binge.

Dubai is once again making grand announcements about mega-projects that will astound the world, just like a drunken sailor who can't stop telling tall tales.

It's 2006 all over again if you close your eyes. In the grand Dubai tradition, the projects are wild, fantastical, and totally out of proportion to reality.

According to an article by Arabian Business journal, the emirate has revealed projects worth more than $130 billion in the last year alone.

Even by Dubai standards, that's a huge amount. To put the announcement frenzy in perspective, the world's tallest structure, the Burj Khalifa, cost $1.6 billion to construct. Ecuador's GDP is $155.8 billion dollars. buy house in qatar

Mohammad Bin Rashid City will include the world's largest shopping mall (of course), more than 100 hotels, a Universal Studios theme park, and a public park larger than London's Hyde Park, among other initiatives. Bluewater Island, a $1.6 billion man-made island with the world's tallest Ferris wheel, is another choice (of course). (Arabic Business has put together a slide show of the ten most important projects.)

Any acknowledgement that we've been down this path before is missing from the bold announcements. Developers in Dubai appear to conclude that the general population has the collective memory of gnats. Maybe they're hoping that no one knows how to use "the Google."

It seems like just yesterday that Dubai was announcing hundreds of extravagant mega-projects that were never completed. Architects drew up elaborate plans, investors put up money, and investors bought apartments — and then the projects vanished into the desert.

These phantom projects aren't enumerated on any ancient scroll, relics of a long-ago culture. Dubai was vigorously marketing them to investors and customers five years ago, promising that the ventures will be more than just great renderings.

The projects were daring, audacious, and, as it turned out, totally unrealistic.

The Waterfront, which was built as a 139-million-square-meter city within a city, was a personal favorite. Given the chance to let his imagination run wild on a grand scale, architect Rem Koolhaas designed a new Manhattan for the Waterfront, anchored by a giant orb dubbed "The Death Star" almost immediately.

The man-made islands that form one of Dubai's signature creations, Palm Jumeirah, are well-known. However, few people have heard of Palm Jebel Ali, a larger island project that was supposed to house 250,000 people and include several theme parks. The status of Palm Jebel Ali remains "delayed."

What about the World, a well-known series of man-made islands, each of which is supposed to represent a different country? Today, the islands are desolate and desolate, with no evidence of life. A few years ago, the World's developer had to battle accusations that the islands were falling into the sea.

The list of mega-projects that have been postponed, stalled, or are only partially completed is long.

It's like déjà vu all over again these days, as the old adage goes. Home prices have increased by 30% in the last year, major announcements are being made, and Dubai is promoting its message of tremendous growth and opportunity.

Only every now and then does a smidgeon of self-awareness creep into the discourse, a recognition that announcing new mega-projects when you never built the old mega-projects could be, well, tacky. Some developers, on the other hand, seem to understand.

"It can't just be announcements; it's vital to demonstrate action and steady progress," Damac Properties managing director Ziad El Chaar told a reporter recently. "Dubai's global role will be defined in the coming years as foreign investors monitor the timeliness of these major projects."

Mr. El Chaar is right, and he speaks from personal experience, given Damac's history of abandoned and delayed ventures. Damac and Paramount Pictures, the Hollywood studio, recently announced plans to construct a $1 billion complex of four towers taller than 250 meters. In reality, the industry will closely track the project's progress to see how the new Dubai differs from the old Dubai.

The leaders of Dubai want to give a message that the emirate is on the mend. But, at the very least, out of sensitivity to the investors burnt in the last mega-project spree, now could be a good time for a little uncharacteristic modesty.

Dubai is once again appealing to the business community to invest in the dream. It could be more difficult to persuade this time.

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