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Dubai boom sees Russian cash, high rents and reborn projects

Workers demolish the abandoned Dubai Pearl high-rise project in Dubai, United Arab Emirates, Jan. 23, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (AP Photo/Jon Gambrell) A construction worker walks through an under-construction building with the Burj Khalifa, the world's tallest building, seen in the distance in Dubai, United Arab Emirates, Wednesday, Jan. 25, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (AP Photo/Jon Gambrell) This satellite image provided by Planet Labs PBC shows the manmade Palm Jebel Ali archipelago off the coast of Dubai, United Arab Emirates on Jan. 16, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (Planet Labs PBC via AP) Construction goes on at a new residential development, in Dubai, United Arab Emirates, Wednesday, Feb. 1, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (AP Photo/Kamran Jebreili) A car passes by a giant billboard, advertising a new development in Dubai, United Arab Emirates, Wednesday, Feb. 1, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (AP Photo/Kamran Jebreili) Towers in the Dubai Marina district and Jumeirah Lake Towers rise behind the advertising billboards of a new development in Dubai, United Arab Emirates, Wednesday, Feb. 1, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (AP Photo/Kamran Jebreili) Bikers ride along the Dubai Water Canal while passing by an advertising billboard and a residential project in Dubai, United Arab Emirates, Tuesday, Jan. 31, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (AP Photo/Kamran Jebreili) A boat moves on the Dubai Water Canal while passing in front a new residential project in Dubai, United Arab Emirates, Tuesday, Jan. 31, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (AP Photo/Kamran Jebreili) A woman rides a scooter while passing by the advertising billboards of a new residential project in Dubai, United Arab Emirates, Tuesday, Jan. 31, 2023. For the first time since a 2009 financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects now show signs of life. As with its other booms, war again is driving money into Dubai and buoying its economy. This time it's Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields. (AP Photo/Kamran Jebreili)