Financialization and Sustainability in the Dubai Model

SUSTAINABILITY OF THE DUBAI MODEL OF ECONOMIC DEVELOPMENT A thesis submitted to The University of Manchester for the degree of PhD In the Faculty of Humanities 2014 Nada Saleh Al Shama Manchester Business School Division of People, Management and Organisations LIST OF CONTENTS LIST OF CONTENTS....................................................................................................................2 LIST OF TABLES.........................................................................................................................6 LIST OF FIGURES........................................................................................................................7 LIST OF ABBREVIATIONS..........................................................................................................8 ABSTRACT.................................................................................................................................10 DECLARATION..........................................................................................................................11 COPYRIGHT STATEMENT........................................................................................................11 DEDICATION..............................................................................................................................12 ACKNOWLEDGEMENTS...........................................................................................................13 CHAPTER 1: RESEARCH OVERVIEW....................................................................................14 1.1 Introduction........................................................................................................................14 1.2 Research Problem.............................................................................................................15 1.3 Scope of the Research......................................................................................................17 1.4 Research Aim and Objectives...........................................................................................17 1.5 Research Questions..........................................................................................................18 1.6 Contributions of the Research...........................................................................................20 1.7 Thesis Structure.................................................................................................................21 CHAPTER 2: LITERATURE REVIEW AND THEORETICAL FRAMEWORK..........................23 2.1 Introduction.........................................................................................................................23 2.2 The Case of Dubai in Academic Studies............................................................................23 2.3 Cultural Economy...............................................................................................................26 2.4 Economic Geography.........................................................................................................27 2.5 Dynamics of Economic Landscapes Under Globalisation..................................................30 2.5.1 The Emergence of Global Cities.........................................................................32 2.6 Dynamics of Economic Landscapes Under Growing Competition.....................................35 2.6.1 The Emergence of Competitive Cities................................................................35 2.6.2 The Emergence of Entrepreneurial Cities..........................................................37 2.6.3 City Images, Narratives, Place Branding and Marketing....................................38 2.7 Dynamics of Economic Landscapes Under Capitalism......................................................40 2.8 Dynamics of Economic Landscapes Under Financialization..............................................42 2.9 Theoretical Framework of the Study...................................................................................45 2.10 Conclusion.........................................................................................................................49 CHAPTER 3: RESEARCH METHODOLOGY...........................................................................51 3.1 Introduction.........................................................................................................................51 3.2 Methodological Approach...................................................................................................51 2 3.3 Research Design................................................................................................................53 3.3.1 Documentary Evidence......................................................................................56 3.3.2 In-depth Elite Interviews.....................................................................................56 3.4 Data Analysis Strategy.......................................................................................................60 3.5 Research Validity and Reliability........................................................................................63 3.6 Research Ethics.................................................................................................................64 3.7 Conclusion.........................................................................................................................65 CHAPTER 4: SOCIO-CULTURAL AND POLITICAL CONTEXT OF DUBAI...........................66 4.1 Introduction.........................................................................................................................66 4.2 Overview.............................................................................................................................66 4.3 The Historical Trajectory of Dubai......................................................................................67 4.4 The Social Structure of Dubai............................................................................................70 4.5 The Cultural Features of Dubai..........................................................................................77 4.6 The Political and Institutional Structure of Dubai................................................................78 4.7 The Governance System in Dubai......................................................................................83 4.8 The Nature of Leadership in Dubai.....................................................................................85 4.9 Conclusion..........................................................................................................................89 CHAPTER 5: MACROECONOMIC CONTEXT OF DUBAI.......................................................90 5.1 Introduction.........................................................................................................................90 5.2 The Economic Background of Dubai..................................................................................90 5.3 Macroeconomic Performance of Dubai..............................................................................92 5.3.1 The Composition and Growth of the Gross Domestic Product...........................92 5.3.2 Foreign Trade.....................................................................................................93 5.3.3 Foreign Direct Investment...................................................................................95 5.4 The Strategy of Economic Diversification...........................................................................96 5.4.1 Infrastructure, Transport and Logistics Sector....................................................97 5.4.2 Tourism and Leisure Sector................................................................................99 5.4.3 Specialised Free Zones.....................................................................................101 5.4.4 Real Estate and Construction Sector................................................................103 5.5 The Outbreak of the Global Financial Crisis.....................................................................105 5.6 Effect of the Global Financial Crisis on the Economy of Dubai........................................106 5.6.1 Gross Domestic Product and Foreign Trade....................................................106 5.6.2 Financial Status................................................................................................107 5.6.3 The Real Estate Market....................................................................................111 5.6.4 The Banking Sector..........................................................................................115 5.6.5 Reputation and Economic Confidence.............................................................116 5.7 Federal and Dubai Local Government Responses to the Crisis.......................................117 5.8 Conclusion........................................................................................................................118 3 CHAPTER 6: EMPIRICAL AND ANALYTICAL RESEARCH FINDINGS ON THE INFLUENCE OF THE POLITICAL AND SOCIO-CULTURAL CONTEXT ON THE DUBAI MODEL.........................................................................................................................119 6.1 Introduction.......................................................................................................................119 6.2 The Political

Load more