Dubai is emblematic of excesses that have led major developed countries into a major recession. It's about terrible investments in land and energy. That ski park the article mentions? It consumes the energy equivalent of 3,500 barrels of oil per day. Over a barrel of oil for each visitor.
Abu Dhabi, though, is in a similar monetary situation and yet it has prospered. While it has its blemishes and extravagance, it has turned its primarily-oil GDP into a well structure economy. It has diversified significantly. Instead of spending $2b on a race track, Abu Dhabi spent $700m on a solar plant.
I would liken the current status of the West as more aligned with Abu Dhabi. Dubai is something that could happen if our eyes get bigger than our stomachs.
I think the point is, "most Americans use several barrels of oil a week, for driving their cars and powering their HDTVs". We all use a lot of energy these days, so it seems unfair to single out Dubai.
The reason they are building skyscrapers, race-tracks etc is that once the oil run out, Dubai shouldn't see an exodus. They want to become the financial capital of Asia and keep the money flowing in.
