Locals stand in front of the royal enclosure at the track.

The only way to make sense of Dubai is to never forget that it isn’t real. It’s a fable, a fairy tale, like The Arabian Nights. More correctly, it’s a cautionary tale. Dubai is the story of the three wishes, where, as every kid knows, with the third wish you demand three more wishes. And as every genie knows, more wishes lead to more greed, more misery, more bad credit, and much, much, much more bad taste. Dubai is Las Vegas without the showgirls, the gambling, or Elvis. Dubai is a financial Disneyland without the fun. It’s a holiday resort with the worst climate in the world. It boils. It’s humid. And the constant wind is full of sand. The first thing you see when you arrive is the airport, with its echoing marble halls. It’s big enough to be the hub of a continent. Dubai suffers from gigantism—a national inferiority complex that has to make everything bigger and biggest. This includes their financial crisis.

Outside, in the sodden heat, you pass hundreds and hundreds of regimented palm trees and you wonder who waters them and what with. The skyline, in the dusty haze, looks like the cover of a dystopian science-fiction novella. Clusters of skyscrapers lurch out at the gray desert accompanied by their moribund cranes, propped up with scaffolding, swagged in plastic sheeting. Dubai thought it was going to grow up to be the Arab Singapore—a commercial, banking, and insurance service port on the Gulf with hospitality and footballers’ time-shares, an oasis of R&R for the less well endowed. But it hasn’t quite worked out. The vertical streets of offices are empty. A derelict skyscraper looks exactly the same as one that’s teeming with commerce. They huddle around the current tallest building in the world—a monument to small-nation penis envy. This pylon erected with the Viagra of credit is now a big, naked exclamation of Dubai’s fiscal embarrassment. It was going to be called Burj Dubai, but as Dubai was unable to make their payments, they were forced to go to their Gulf neighbor, head towel in hand, to get a loan. So now it’s called Burj Khalifa, after Abu Dhabi’s ruler, who coughed up $10 billion to its over-extended neighbor.

Dubai has been built very fast. The plan was money. The architect was money. The designer was money and the builder was money. And if you ever wondered what money would look like if it were left to its own devices, it’s Dubai.

My driver gets lost more than once. He’s lived here all his life. He says he always gets lost. The roads keep changing. It’s a confusion of orange traffic cones and interlocking barriers; access roads peter out into long drops to rubble and dust. Nothing actually goes anywhere. The wide lanes loop around endlessly, and then there’s no place to go. No plaza or square, no center. Nowhere to hang out, nowhere to walk. Why would you walk? In this heat? You pull over and throw your keys to a valet, and get indoors as quickly as possible, generally in one of the countless shopping centers that look like the airports of lesser nations or Egyptian tombs. They echo with the slow footfalls of the security guards. In the boutiques, the glossy assistants stare at mannequins with a mutual mime of cashmere-folding despair. Dubai has been mugged by its own greed. Its consumer economy is being maintained by oil-rich families to whom depressions, booms, lottery wins, and recessions mean little. Riches and wealth are relative terms. But not ones we’re related to. There is an indoor ski mountain, probably the biggest indoor ski mountain in a desert, where the Arab boys queue for suits and boots and skis. The smarter locals arrive in their own designer après-ski gear, with fur and moon boots. You walk through the doors and it’s like *The Lion, the Witch, and the Wardrobe—*the land of permanent winter. The fat boys push past carrying their snowboards toward the Tyrolean chocolate shop and Swiss fir trees and slide down the hill with a practiced arrogance. The girls slither, splay-legged, hijabs fluttering, in the manufactured snow.