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Quote:The fastest-growing city on earth, Dubai is spending mind-boggling sums on construction and is about to swallow up P&O in its bid to be a global maritime power. Given the scale of its ambition, could it become the most important place on the planet?

Dubai is growing faster than any city on earth. "Mushroom City", Ravi Piyush, a plumply content dealer in the Gold Souk, said to me. "Nothing today, everything tomorrow." The World Bank reckons that the reconstruction of Iraq is going to cost $53bn. Here, along the strip of footballer-friendly sand that stretches 25 miles or so along the shores of the Persian Gulf, there is, at a rough estimate, about $100bn worth of projects either underway or planned for the near future. That is a numbing figure, ungraspable. It is the equivalent of every single dollar invested in the United States from abroad last year; almost twice the foreign investment in China...

Is Dubai, in fact, the fulcrum of the future global trading and financial system? Is it, in embryo, what London was to the 19th century and Manhattan to the 20th?...