I've seen and heard a lot about Dubai in airline magazines and sites that talk about skyscraper and real estate development and I have yet to fathom why rich people want to live there. Do rich people want to have a home with other rich people? Take Honolulu, remove nature, remove the Constitution and Bill of Rights, add Islamic law, debtors prison, increase the temperature by 20 degrees and you get Dubai, more or less.
Working in a hotbed of economic activity might make some financial sense to some, but I really can't understand the appeal to tourists.
Now with the bubble burst, people are fleeing the country, abandoning their cars in the airport parking lot.
This article in The Economist (I read on a flight to Tokyo) last year talked a bit about property bubble bursts. The bright side, they say, is even if Dubai can't sustain growth, the infrastructure built will survive and eventually be put to use. I'm not entirely sure who and when might be moving back there again.