Dubai is run by folks with vision. Folks who realize that oil is a finite, non-renewable resource and they need to spend their petrodollars preparing for the day that it runs out. Apparently, its quite the tourist destination. Indoor skiing, snorkeling and duty free shopping just a 4 hr flight from Frankfurt.
Most oil producers are net savers when oil prices are high. That's one theory behind the mortgage/LBO boom: that Russia and China and Saudi Arabia are desperate to invest their money, so the end up investing it in incredibly stupid ventures in the US.
It's not for everyone though...I'm there every now and then, and to me the whole city feels like one big theme park. If you're looking for a city that has any sort of 'organic' feel, this is very much not it.
A Vegas for EMEA then? Cost of flights to Dubai are constantly dropping too which is only helping it as a tourist destination.